Rastegar Property Co. has acquired yet another property in Austin, Texas, a 50-unit asset in the capital’s St. Johns submarket. Dubbed Highland Heights, the community will be subjected to a complete renovation.
Highland Heights is located on a 1-acre lot at 803 Tirado St., at the intersection of Interstate 35 and Highway 290. The St. Johns submarket is one of the most affordable areas in the city, with the average rent rising 3.2 percent year-over-year through September to $1,012, according to the most recent Yardi Matrix market report. Located less than 1 mile from Austin’s CBD and having no developments underway or in the planning stages, rents in the area will likely continue to continue their ascent in the upcoming months.
“The St. Johns area of Austin, where these apartments are located, is one of the highest-performing submarkets in Austin, with a wide variety of businesses and education facilities nearby. Highland Heights is in a family-friendly area and it provides investors with immediate security in a well-occupied multifamily community, with the potential for even greater long-term returns following our planned renovations,” CEO Ari Rastegar told Multi-Housing News.
Rastegar Property Co. has intensified its investment activity in Austin, Highland Heights marking its fourth portfolio addition. Moreover, the company has also purchased two lots, one of which has RFPs out to local architecture firms for two mixed-use projects.