Rastegar Property Co. Buys 2 South Austin Lots

AUSTIN, TX — The real estate investment firm Rastegar Property Co. continued its buying spree of properties this week with the acquisition of a pair of lots in South Austin.

Focused on value-add and development in all asset classes throughout Austin and the greater American Southwest, the company bought two additional lots on Austin’s West Live Oak Street, officials said in a press advisory. Located at 508 and 511 W. Live Oak Street and occupying .54 acres, the two properties are adjacent to 2209 S. 1st Street, which Rastegar bought in September 2019.

The acquisitions provide Rastegar Property Company with greater flexibility and a larger development site along Austin’s South 1st Street, where it plans a mixed-use development, officials said. Officials noted the advantageous dynamics of South 1st Street as one of the city’s major transit corridors, offering access to residential neighborhoods, multifamily developments, restaurants and retailers.

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“These two W. Live Oak properties are the next steps in Rastegar Property Company’s assembly of this large, truly iconic development site,” Ari Rastegar, CEO of Rastegar Property Company, said in a prepared statement. “On top of increasing the size of this location, these lots offer seemingly limitless options for the development as young professionals continue pouring into Austin and the city’s demand for residential, commercial and retail space skyrockets."

Added Michael McKinley of McAllister & Associates: “The acquisition of 511 W. Live Oak will enhance the connectivity and viability of the future development. Austin’s thriving downtown and surrounding areas continue to create opportunities for real estate developers committed to and passionate about the city’s future.”

Officials noted Austin's status as the leading U.S. metro area in population growth since 2018, registering a 2.5 percent increase from the previous year and a 26.3 percent increase since 2010. According to U.S. News & World Report, Austin’s average annual salary is higher than the U.S. average and it is one of WalletHub’s 2020 top five cities for jobs.

About Rastegar Property Company

Rastegar Property Company is an Austin, Texas based, real estate investment firm focused on value-add and development in all asset classes throughout Austin and the greater American Southwest. Rastegar Property Company and its affiliates have co-invested in more than 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 re-positioning, 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.