AUSTIN, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Rastegar Property Company, a vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States, announced its acquisition of a 30-unit multifamily property in Austin’s Clarksville neighborhood, in a move that expands and diversifies the company’s Austin real estate portfolio.
The Escala Apartments are located in Austin’s coveted Clarksville neighborhood, bordered by the Mopac Expressway to the west, N. Lamar Blvd. to the east, Enfield Rd. to the north and W. 6th St. to the south. Clarksville offers convenient, walkable access to many of the city’s bars and restaurants, entertainment destinations and outdoor and recreational activities. Clarksville is the center of Austin’s cannabidiol (CBD) industry and is close to many jobs, including approximately 4,000 jobs recently created by Google, Indeed, Parsley Energy and Facebook. Rastegar Property Company plans to create residential condominium units and to renovate and modernize the building exterior and the interior of each condominium unit. Rastegar Property Company intends to obtain Federal Housing Administration (FHA) and Fannie Mae mortgage underwriting approval for residential loans and price the condominium units in accordance within FHA and Fannie Mae loan limits.
“As Austin continues attracting lucrative jobs and talented young professionals, the cost of homes and living in downtown Austin are skyrocketing,” said Ari Rastegar, CEO of Rastegar Property Company. “Clarksville is one of the most attractive neighborhoods for this wave of new residents, and one of the most logical places to offer new residents more affordable living options. Rastegar Property Company’s investment strategy and real estate portfolio reflect the diversification that our investors seek, and we will continue identifying and pursuing opportunities to further diversify our portfolio with high-potential properties throughout Austin’s established and up-and-coming neighborhoods.”
According to the Austin Chamber of Commerce, the population of the Austin metropolitan area has increased by an average of 152 people per day since 2010 and that migration accounts for 12.9% of the area’s population, a larger share than that of any other top-50 U.S. metropolitan area. A 2019 Cushman & Wakefield report identified the Austin metropolitan area as one of the top in the U.S. for job growth.
About Rastegar Property Company
Rastegar Property Company is an Austin, Texas based, vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States. Rastegar Property Company and its affiliates have co-invested in over 4.9 million square feet of real estate with projects in 12 states and 34 cities. Rastegar Property Company specializes in acquiring complex or undervalued real estate assets in which there are opportunities to create value through repositioning, redevelopment, or leveraging its exceptional property and asset management platform to uncover and capitalize on underlying operational inefficiencies. Rastegar Property Company’s unconventional perspective comes from the combined power of disciplined focus and ambition, years of specialized experience and expertise, and outside-the-box thinking.
Disclosure Statement
Rastegar Property Company assumes no liability or responsibility for any errors or omissions in the content contained in this release.
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