AUSTIN, TX - Rastegar Property, a vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States, announced its acquisition of a 36-unit multifamily property at 902 Romeria Drive, located between North Lamar Boulevard and Grover Avenue in the North-Central Austin neighborhood of Brentwood.
The complex averages 490 square feet per unit, and is ideally situated between the major thoroughfares of I-35 and the Mopac Expressway. Rastegar plans to fully renovate the property with new flooring and tile, cabinets, countertops, stainless steel appliances, interior and exterior paint, windows, siding, roofs, landscaping and covered parking. Brentwood is recognized as a rapidly growing, walkable neighborhood with convenient access to downtown Austin, which offers jobs, restaurants, higher education and parks.
“Our team continues to identify properties in areas of high growth that are not only ideal for for Austinites for years to come, but reflect the city’s tradition and artistic values,” said Ari Rastegar, CEO of Rastegar Property. “902 Romeria in Brentwood is a great example of that strategy, a location that makes sense for young professionals – Austin’s fastest growing demographic – starting or likely soon to start families, in an area whose culture is steeped in arts, music and a tantalizing restaurant scene. We look forward to continued development in this region.”
“North Central Austin is one of the city’s fastest growing areas and home to Austin’s ‘Tech Corridor’, which includes Amazon, Indeed, Facebook and Homeaway, to name a few,” said Jim Young, Managing Director at Newmark Knight Frank. “Romeria also offers access to some of Austin’s finest retail and entertainment venues, making it ideal for the exploding population of young professionals.”
“Just north of the triangle and right in the mix, this Romeria complex screamed opportunity,” said Dustin Mehaffey, Founder of Austin Mindset Realty and Investment Sales Coordinator at Rastegar Property. “The volume of people moving to Austin to pursue career opportunities has opened doors for us and as that continues, we will continue our bullish outlook.”
In 2018, the Brentwood neighborhood was ranked among the “Top 20 ZIP Codes with the Highest Increase in Millennial Share” in the country. This trend, coupled with the area’s reputation as being art and music friendly, represent key indicators for growth that Rastegar Property believes will continue to attract families and young professionals to the region.