Rastegar Property Company, a technology-enabled private real estate investment firm, has acquired 106 Red Bird Lane in Austin. The half-acre property is adjacent to and will be included in the firm’s planned redevelopment for 5402 South Congress, an iconic street in a bustling part of the city. Lying in a booming section of South Austin, the planned development provides a pathway to the densely populated South Congress and central business districts that contain a mix of retail, restaurants, bars and concert venues catering to a wide range of customers. Well-located, the property is easily accessible to major Austin thoroughfares including IH-35, US 290 and Stassney Lane. “The Red Bird Lane Property will allow Rastegar to bring much needed housing to an ever-expanding section of Austin,” said Ari Rastegar, founder and CEO of Rastegar. “The South Congress Corridor is only going to grow as Downtown Austin continues to expand farther south, and this development will be centrally located to all the shops, food trucks and nightlife that make it one of the most desirable sections of the city.” Plans for the site include a wrap-style multifamily complex with approximately 155 units. “The development will prioritize street level activation and improvements to continue to bring vibrancy down South Congress,” said Hunter Floyd, director of design and development for Rastegar. “Since we’ve been spending so much time at home, we’re realizing how important it is to have premium indoor air quality. Our South Congress project will emphasize wellness, access to outdoor amenities and environmental air quality, which is especially important post COVID.”

Regions Affordable Housing, a division of Regions Bank, announced Rachel Thomas-Phillips has been appointed to serve as senior vice president and relationship manager in its originations group. Thomas-Phillips is based in Regions’ downtown Austin office and will focus on sourcing and originating affordable housing transactions throughout Texas, Arkansas, Oklahoma, Louisiana and Mississippi. Thomas-Phillips brings over 20 years of finance and affordable housing experience to the team. Most recently, she spent eight years with CREA, LLC as senior vice president of acquisitions. There, she originated 13 new developer relationships through targeted marketing efforts and evaluated, structured and closed affordable housing investments throughout the U.S. with a focus on Texas and surrounding states. Her previous roles include serving as director of finance at Samaritan Center for Counseling and Pastoral Care, where she also served as president of the nonprofit’s board of directors post-employment. She was also finance operations manager at Verizon Wireless and was a supervising audit senior at KPMG, LLP, where she specialized in affordable housing, revenue recognition, software capitalization, stock compensation, nonprofit entities/single audit and SEC reporting compliance. “We are thrilled to have someone with Rachel’s caliber, experience and passion for living Regions’ mission of making life better for the people we serve,” said David Payne, co-head of originations for Regions Affordable Housing. “This makes Rachel a natural fit for this important role. We are pleased to add her energy, insights and commitment to the affordable housing team.” Regions Affordable Housing LLC is a national low-income housing tax credit (LIHTC) investor, syndication firm and leader in affordable housing. Regions Bank is one of the nation’s largest participants in affordable housing finance through the LIHTC program, providing comprehensive real estate banking and capital markets services to meet the debt and equity capital needs of developers and investors. Regions Bank is also a Fannie Mae DUS Multifamily Affordable Lender and HUD/FHA Affordable Lender.

ROUND ROCK, Texas, July 27, 2020 /PRNewswire/ — Late last year, Don Quick & Associates, Inc. – the largest commercial real estate company in Williamson County – launched a philanthropic campaign to serve 50 charitable organizations in celebration of their 50 year anniversary in 2020. Although the original vision of carrying out these charitable services has been dramatically altered due to the uncertainty created by the COVID-19 outbreak, it also presents opportunities for the company to focus efforts on assisting those affected most by the pandemic. Don Quick & Associates, Inc. is now more than ever determined to achieve their goal of giving back to the community. “We believe the best way to celebrate 50 years in Central Texas is by giving back to the people who empower our community every day. These charitable organizations are the heart and soul of this area, and we want to show our appreciation,” says Darren Quick, President of Don Quick & Associates, Inc. As we transition into the second half of 2020, the company has just announced that they have surpassed the halfway mark of their campaign, having volunteered with a wide variety of local organizations. A few of the most notable efforts include a $10,000 donation to RRISD, multiple environmental cleanup projects including participating in Austin Parks Foundation’s It’s My Park Day, and the formation of a scholarship fund which awarded its first 4 scholarships to local graduating high school seniors this past April. Click to read more at www.prnewswire.com.

Electric automaker Tesla will officially build its next manufacturing plant in Travis County in an area just east of the city of Austin, bringing with it at least 5,000 new jobs. Tesla CEO Elon Musk announced the decision to develop its next “gigafactory” in Travis County in a July 22 earnings call following months of deliberations between the company, Travis County and Del Valle ISD over economic incentives that would help bring the company to Texas. Tesla anticipates construction to begin in the third quarter of 2020, with initial operations at the Travis County gigafactory beginning as soon as the fourth quarter of 2021. Already, Tesla has taken steps to charge forward with the site, seeking its first development variances from the county July 21, which was regarding construction on roads leading to and from the gigafactory site along SH-130 just north of W. Hwy. 71. “We’re going to make it a factory that is going to be stunning,” Musk said. “It’s right on the Colorado River, so we’re actually going to have a boardwalk where there will be a hiking/biking trail. It’s going to basically be an ecological paradise—birds in the trees, butterflies, fish in the stream—and it will be open to the public as well.” Texas Gov. Greg Abbott welcomed Musk’s announcement with a statement praising Tesla as “one of the most exciting and innovative companies in the world.” Click to read more at www.communityimpact.com.

AUSTIN, Texas, July 22, 2020 (GLOBE NEWSWIRE) — Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced today the acquisition of The Edge at SoCo, a 35-unit garden style multifamily complex in the highly desirable Buckingham Ridge neighborhood of South Austin. With 94% of the property occupied, The Edge at SoCo represents a unique buying opportunity for Rastegar, which plans to increase the already strong in-place cash flow by fully renovating the Property and increasing efficiencies through the implementation of professional management to decrease operating expenses. “We’ve found great value in these types of vintage, garden style multifamily complexes and will continue to be aggressive in purchasing them, completely renovating and amenitizing them, and offering best-in-class housing to the fast-growing number of Austin residents,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “The Edge at SoCo sits in an unbeatable location, a short walk from area beer gardens as well as St. Edwards University.” The Edge at SoCo sits at 6812 South Congress Avenue, one block away from William Cannon Drive, and three minutes away from major highway I-35. Click to read more at www.globenewswire.com.

Wilder Systems leased 11,566 RSF at Techni Center, located at 5811 Techni Center Dr. The landlord was represented by Ryan Wilson, Matt Fain, and Stephen Pannes with ECR. The tenant was represented by Omar Nasser with Aquila