True estate investment business Rastegar Home Co. stated it has completed its acquisition of a South Austin house for a prepared condominium job.
Austin-primarily based Rastegar House claimed it has acquired 5412 South Congress Ave., which sits on about an acre of land that presently is property to a utilised car or truck ton.
The property is the 3rd and closing acquisition in the firm’s South Congress aggregation that features 5402 S. Congress Ave. and 106 Purple Bird Lane.
The 3 homes, which encompass about a few acres of land, involve the two tricky corners of Mockingbird Lane and Red Hen Lane with South Congress as frontage.
Monetary terms of the offer had been not disclosed. The Travis County Appraisal District values the 5412 South Congress residence at $980,000.
The tract is in a rapidly redeveloping section of South Congress Avenue near West Stassney Lane that has viewed an inflow of new apartment and apartment initiatives.
“After we closed on the to start with residence at 5402 South Congress, we’ve experienced a vision to assemble this overall web-site and are truly fired up to see it occur to fruition,” stated Ari Rastegar, founder and CEO of Rastegar Assets. “As downtown Austin proceeds to develop in measurement and reputation, this assemblage of properties will present frontage multifamily apartment units in a remarkably desirable central location, on one particular of the most well-known streets in Austin.”
The South Congress address is the most recent in a buying spree by Rastegar, which has been acquiring attributes in the vicinity of the blended-use Mueller development and as effectively as about South To start with Street.
In June, Rastegar procured a 70-device condominium intricate in close proximity to Mueller at 1712 and 1800 Patton Lane for an undisclosed value. The month prior, Rastegar bought the Mueller Sq. Residences, a 58-unit complex at 5005 Manor Highway, in a joint enterprise with an undisclosed Texas-centered insurance coverage firm. Monetary conditions of that offer also had been not disclosed.
Meanwhile, in May possibly, Rastegar acquired homes at 505 and 507 West Dwell Oak Road in South Austin.
Rastegar claimed the Live Oak properties complete a tract the business has been assembling considering that attaining the “Slackerville” retail heart at 2209 South Very first Street in 2019.
The corporation mentioned it is setting up a multifamily and professional project on the tract that will be named Slackerville 2..