Rastegar Property Co. Expands Portfolio in Texas’ Capital
The new owner plans to renovate and modernize the building’s exterior, as well as the interior of each condominium unit.
Rastegar Property Co. continues its shopping spree in Austin, Texas, and has acquired its third value-add multifamily community. The Escala Apartments is a 30-unit condominium property located in the metro’s Clarksville neighborhood.
As with previously purchased assets, Rastegar plans to renovate and modernize the building’s exterior, as well as the interior of each condominium unit. In addition, the new owner announced it is looking to obtain Federal Housing Administration and Fannie Mae mortgage underwriting approval for residential loans and price the condominium units in accordance with the loan limits of the two entities.
“As Austin’s economy soars and more and more people move to the area, it is becoming more expensive to live here but Clarksville, where the Escala apartments are located, is still one of the more reasonably-priced areas compared to downtown pricing. The area’s access to stores, nightlife and entertainment make it one of Austin’s most attractive neighborhoods for new residents and very desirable for families, as well as young professionals,” CEO Ari Rastegar, told Multi-Housing News.
The Escala Apartments is located at 1211 W. Eighth St., bordered by the Mopac Expressway to the west, N Lamar Boulevard to the east and within walking distance of many of Austin’s retail venues and entertainment destinations. A plethora of workplaces is nearby, including offices of Google, Indeed, Parsley Energy and Facebook.