Rastegar Buys Land for South Austin Apartment Complex

Rastegar Property acquired a two-parcel, 56,628-square-foot property (1.3 acres) in South Austin, with plans to develop 76 residential units and 115 underground parking spots on it. The acreage at 5402 S. Congress Ave. currently contains a boarded-up house. World Class Capital of Austin, operating under the name WC 5402 South Congress LLC, was the seller.

The as-yet-unnamed apartment complex is in the early stages of the design process. The developer is firming up a contract with an architectural firm; a groundbreaking/completeion date has not yet been determined.

Rastegar Property, led by Ari Rastegar, is busy making inroads in the Austin area, both as a developer and with apartment acquisitions. The company acquired multifamily assets in Zilker Park and West Lake Hills, and plans additional investments in the metro.

Pictured: Ari Rastegar

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