Rastegar Property Acquires 2 Austin Communities
The company purchased Zilker Place Apartments and Redbud Bungalows, both of which are set to undergo capital improvements.
Redbud Bungalows (above) and Zilker Place (below). Image courtesy of Rastegar Property Co.
Rastegar Property Co. has acquired two multifamily communities in Austin, Texas. Combined, the two assets total 38 units, both of which are currently under renovation.
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Redbud Bungalows is located in a submarket west of Austin in West Lake Hills at 1430 Redbud Cove. The community comprises 15 townhomes on a 5-acre lot. The renovation of the property is slated for completion by October.
The Zilker Place Apartments is located at 2017 Bluebonnet Lane in South Austin’s Zilker Park neighborhood. It consists of 23 units and is less than two miles from Zilker Metropolitan Park, home to Barton Springs Pools and the Austin City Limits Music Festival. The University of Texas at Austin and St. Edwards University are also less than five miles away.
“The city of Austin is experiencing incredible growth in its population, jobs and rent, but we expect that this will only be the first phase of an even larger growth sequence,” Ari Rastegar, CEO of Rastegar Property told Multi-Housing News. “As reputable employers continue bringing jobs to Austin, young professionals with families and unique needs will want to live throughout the city’s neighborhoods and suburbs.”
