Velo Flats’ Redevelopment Has Laser Focus on Tesla Workers

Rastegar Property Company recently acquired Velo Flats apartment complex in the Windsor Park neighborhood of East Austin. A section of the city ripe for development, the 70-unit Velo Flats is the fourth property acquired in the neighborhood by Rastegar, which now owns and operates more than 200 units in Windsor Park alone.

Sitting at 2606 Wheless Lane, the nine building 56,780-square-foot complex was built in 1972 on more than 3 acres. This multifamily complex is in a section of the city that is in much need of housing. The nearby State Highway 130 corridor is becoming the industrial backbone of Austin, thanks in large part to Tesla building a $1 billion Gigafactory in the area. The Velo Flats complex will be redeveloped to attract the young professionals making their way to work at Tesla as well as other tech companies that are establishing large presences.

“East Austin is the fastest-growing part of the city,” said Ari Rastegar, founder and CEO of Rastegar Property Company. “There is an immediate need for housing and the East Austin subpocket is really the only part of the city that hasn’t been fully developed yet.”

Planned redevelopment of the property is expected to be completed in a month.