Source: Rastegar Property Company
AUSTIN, TX - Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced the acquisition of the 70-unit Oakview Terrace Apartments. Settled in rapidly growing North Austin, the property is the Company’s second acquisition in the Mueller neighborhood in as many weeks. Surrounded by new construction, the Oakview Terrace Apartment Complex is within minutes of shopping centers, vibrant restaurants and endless entertainment options.
“North Austin’s Mueller neighborhood is one of the fastest growing in the city, and the Oakview Terrace Apartment complex is another ideal property for Rastegar - a vintage multi-family community in an unbeatable location that is in need of a complete transformation,” said Ari Rastegar, CEO and Founder of Rastegar Property Company. “There is a current undersupply of housing in North Austin due to the influx of tech companies like Google, Apple and Amazon moving into the neighborhood, and Rastegar is well-positioned to provide dynamic living spaces for those moving into the expanding section of the city.”
The Oakview Terrace Apartments, which sits at 1712 and 1800 Patton Lane, offers more than 48,000 net rentable square feet. In developing the building, which Rastegar expects to be completed within one year, renovations will include ripping each unit down to the studs, providing a full kitchen and bathroom renovation, new floors, counters, electrical and safety, and the implementation of smart technology including locks, heating/cooling, maintenance and safety monitoring among other features. In order to address safety and health concerns in light of COVID-19, Rastegar will also be sourcing antimicrobial materials like copper when appropriate.
“Rastegar executed flawlessly despite the turbulence in the capital markets due to COVID-19,” said Forrest Bass, Managing Director of Investment Sales at Walker & Dunlop said. “They went under contract well before the COVID-19 pandemic took shape and were able to honor their contractual obligations despite most other transactions that either completely terminated or experienced renegotiated pricing.”