August 14, 2019
Rastegar Property acquired a two-parcel, 56,628-square-foot property (1.3 acres) in South Austin, with plans to develop 76 residential units and 115 underground parking spots on it. The acreage at 5402 S. Congress Ave. currently contains a boarded-up house. World Class Capital of Austin, operating under the name WC 5402 South Congress LLC, was the seller.
The as-yet-unnamed apartment complex is in the early stages of the design process. The developer is firming up a contract with an architectural firm; a groundbreaking/completeion date has not yet been determined.
Rastegar Property, led by Ari Rastegar, is busy making inroads in the Austin area, both as a developer and with apartment acquisitions. The company acquired multifamily assets in Zilker Park and West Lake Hills, and plans additional investments in the metro.
Pictured: Ari Rastegar
It’s not too late to register for this year’s Connect Texas Multifamily Conference on Aug. 15! For information and to register, click here.
For comments, questions or concerns, please contact Amy Sorter