5402 South Congress Avenue lot allows over 110,000 square feet of zoning potential
AUSTIN, Texas, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Rastegar Property, 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 1.3 acre, 56,628 square foot South Austin property with a total buildable potential of over 110,000 square feet.
Located at 5402 South Congress Avenue near the West Mockingbird Lane intersection, the property sits in a highly-residential area with nearby retail, restaurants and entertainment. It also provides access to major thoroughfares, including IH-35, US-290 and Stassney Lane, as well as the South Congress and central business districts. Rastegar plans to use the property to develop a multifamily complex consisting of 76 residential units and 115 underground parking spaces to maximize rentable square feet.
“Along with businesses, young professionals are relocating to Austin at a furious pace, and the demand for city residences via multifamily housing is far outpacing the supply,” said Ari Rastegar, CEO of Rastegar Property. “Being based in Austin, we have long had our eye on the south side of the city as one of the most rapidly-growing and vibrant neighborhoods. As development continues to expand south due to demand, we believe there is great potential to add value to this property and others in the region, which will benefit our investors and those in this thriving community that we are so proud to be a part of.”
Austin added 38,437 jobs between 2017 and 2018, and the city’s economic opportunity is being met with an influx of residents, as it added 53,086 residents – or 145 people per day – in 2018. Austin is currently ranked America’s best place to live by U.S. News & World Report and in addition to continuously-growing employment opportunities, the city also offers access to higher education and entertainment.
About Rastegar Property
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 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 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’s unconventional perspective comes from the combined power of disciplined focus and ambition, years of specialized experience and expertise, and outside-the-box thinking.
Rastegar assumes no liability or responsibility for any errors or omissions in the content contained in this release.