Located in the Zilker Park neighborhood and in West Lake Hills, the properties total 38 residential units and 33,000 square feet, the release states, adding renovations of both properties are underway.
The Zilker Place Apartments, located at 2017 Bluebonnet Lane in Austin, have 23 units, and the Redbud Bungalows, located at 1430 Redbud Cove in West Lake Hills, contain 15 town homes on 5.4 acres.
“These two particular properties, best categorized as vintage and un-renovated multifamily housing, fit our acquisition criteria of being located in high-growth regions with the potential to flourish following strategic renovation," Rastegar Property CEO Ari Rastegar said in the release.
Renovations should be complete by the end of October, and tenants should be able to move in shortly after that, Rastegar said, adding the apartments should be fully leased by the end of November for the Redbud Bungalows and by the beginning of 2020 for the Zilker Place Apartments.
According to the release, Rastegar's company looks to capitalize on the rapid-growth environment that exists right now in Austin and similar communities by acquiring small and large multifamily properties that can have value added to them.
Rastegar Property is an Austin-based real estate investment firm located at 1705 S. Capital of Texas Hwy. that operates in 12 states, and the company's main focus is adding value and development in all asset classes, the release states.