Category: News & Market Reports

Rastegar Acquires Third South Congress Property

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Firm Completes Land Assemblage for Planned Multifamily Complex in Highly Desirable South Austin

AUSTIN, TX, October 20, 2020 – 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 5412 South Congress Avenue in Austin. Sitting on nearly one-acre of land, the property is the third and final property in the firm’s South Congress assemblage that includes 5402 South Congress and 106 Red Bird Lane. The three properties cover the two hard corners of Mockingbird Lane and Red Bird Lane with South Congress frontage. Located in a thriving area of South Austin, the Company’s redevelopment plans for the trio of properties, encompassing almost three acres of land, will join a mix of high-quality apartment and condo projects in the surrounding area. The planned multifamily development will be transformative to the area, providing an iconic building with a walkable environment, further connecting this area of south congress to the very lively stretch to the north. “After we closed on the first property at 5402 South Congress, we’ve had a vision to assemble this entire site and are truly excited to see it come to fruition,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “As Downtown Austin continues to grow in size and popularity, this assemblage of properties will provide frontage multifamily apartment units in a highly attractive central location, on one of the most famous streets in Austin, ensuring it to be one of the most sought-after areas of the city.” “As we move forward with our planned development for South Congress, we continue to remain committed and focused on enhancing the quality of life in south Austin and providing great housing for our growing population,” said Hunter Floyd, Director of Design and Development for Rastegar. “We understand and realize the importance of quality of living, especially post-COVID. For those reasons, this project will emphasize wellness, including air quality and outdoor amenities as well as provide spaces within units that create office niches for residents working from home.” The apartments will offer a range of amenities that have a specific appeal to wellness during and post-COVID including outdoor access and common areas providing greater air circulation, and more opportunity for social distancing. Additionally, Rastegar is familiar with using new materials including special light fixtures that have ultraviolet light and antimicrobial materials such as copper.

About Rastegar Property Company
Rastegar Property Company is 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. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

Media Contact
Rob Kreis
FischTank PR
rastegar@fischtankpr.com

RESOLUT RE Brokers Three Deals in Austin, Houston

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RESOLUT RE recently completed three real estate transactions. The deals included sales and leases in the Austin and Houston markets. TitleMax has leased 1,229 square feet at 2604 W. Pecan Street in Pflugerville, Texas. Joey Mendez of RESOLUT RE represented the landlord. An undisclosed buyer has purchased the 21,540-square-foot industrial building at 1108 Kramer Lane in Austin. Andrew Perkel of RESOLUT RE represented the seller. Camp Bow Wow has purchased 0.84 acres at Sam Houston Parkway in Humble, Texas. Mayur Shah of RESOLUT RE represented the buyer. David Ferguson of BPI Realty represented the seller.

NAI Partners Arranges Office Lease Renewal for Lane Staffing in Houston

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NAI Partners recently arranged a 1,642-square-foot office lease renewal for LaneStaffing at 2211 Norfolk Street in the Greenway Plaza submarket of Houston. NAI Partners’ Jason Whittington, partner in the company’s tenant rep group, represented the tenant in the transaction. Guy Brown with Texas Overland Company represented the landlord.

Construction Wraps Up on Stream Realty Partners’ Northwest Houston Distribution Center

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Stream Realty Partners announced the completion of construction on Benchmark Northwest Distribution Center. Stream Houston’s industrial division managed the project’s development and will oversee the leasing and property management for the project. Matteson Hamilton, managing director and partner of Stream’s industrial division in Houston, and Justin Robinson, partner of Stream’s Houston office, will oversee the leasing of the new space. Chris Royster, regional director of Ware Malcomb’s Houston office managed the architectural designs for the center, and Rosenberger Construction served as the general contractor. “Now that construction is complete, Benchmark is positioned to attract tenants with its irreplaceable location within the heart of the northwest submarket,” said Hamilton. “The building is ideal for distribution users by allowing them to service over one million rooftops within a half-hour drive. The project’s strategic location provides quick connectivity to Beltway 8, Interstate 10 and Hempstead Highway.” Located at 5215 Campbell Road, the 157,887-square-foot building offers Class AA distribution space in the heart of Houston’s northwest industrial submarket. The project features a front-load configuration, 32-foot clear height, fenced truck court with 33 trailer parking spaces, a state-of-the-art ESFR sprinkler system, 33 dock-high doors and 125 auto parking spaces. “We are excited to be able to offer tenants a development in one of the most sought-after infill submarkets in Houston that includes the modern amenities that today’s users need to operate an effective and efficient distribution network,” said Robinson.

NorthMarq Negotiates Nearly $25M in Acquisition Financing for San Antonio Rental Property

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NorthMarq arranged acquisition financing of $24.6 million for The Park on Wurzbach, a 264-unit multifamily property located at 4707 Wurzbach Road in San Antonio. NorthMarq arranged the 10-year financing for the borrower, Venterra Realty, through its in-house Fannie Mae team. Originating producers included Faron Thompson, regional managing director and Ali Meek, vice president of NorthMarq’s Atlanta office, and Matthew Bronstein, vice president of NorthMarq’s Houston office. The Park on Wurzbach provides ease of access to nearby I-410, Ingram Park Mall, Westover Hills, St. Mary’s University and major employment centers, including the South Texas Medical Center and USAA, making it a premier residential location. Constructed in 2019, the community is located just nine miles from downtown San Antonio. It features high-quality interior finishes, including stainless steel appliances, granite countertops, subway tile backsplash, wood plank flooring, and a washer and dryer. The property’s high-end community amenities include a two-level swimming pool, a 24-hour fitness center with a separate yoga and spin studio and a grand clubhouse with multiple TVs, kitchen, pool table and shuffleboard. Residents enjoy easy access to numerous dining and retail options surrounding the community. “Fannie Mae was able to provide a competitive financing option and certainty of execution for the long-time borrower, Venterra Realty, who leaned on their relationship with NorthMarq Atlanta’s team for a seamless transaction on a high-quality asset,” said Thompson. The NorthMarq Atlanta and Fannie Mae team met the borrower’s proceeds and timing request for a quick closing despite the current changing market conditions.

Marcus & Millichap Acquires Mission Capital

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Marcus & Millichap, Inc. (MMI) has entered into a definitive agreement to acquire Mission Capital in a transaction expected to close in the fourth quarter. 40 capital markets professionals—including Mission Capital’s founding partners, David Tobin, Joseph Runk, Jordan Ray and Trenton Staley—will join MMI offices in Texas, as well as in New York, Florida and California. “Broadening our capital markets capabilities is a key component of MMI’s long-term growth plan and we are excited to add Mission Capital’s complimentary services and track record to our financing division, Marcus & Millichap Capital Corporation (MMCC),” said Hessam Nadji, president and CEO of Marcus & Millichap. “Mission’s loan sales and consulting services will expand our lender relationships and client service offerings. Internally, their ability to collaborate with our existing financing and sales professionals will be synergistic to our overall business development. The debt and equity team’s track record of securing financing for larger and more complex transactions and equity advisory is highly complementary to MMCC’s core mortgage brokerage business.” Founded in 2002, Mission Capital is a capital markets advisor with teams specializing in the sale of loans and consultative/due diligence services as well as debt and equity placement across all property types. The firm’s loan sale and consulting clients include commercial and investment banks, hedge funds, special servicers, government agencies and private equity firms. The debt and equity team specializes in structured finance and equity advisory for institutions, developers and private real estate investors. “As we explored joining forces with Marcus & Millichap, we considered the firm’s stellar reputation and dedication to outstanding customer service, Tobin said. “We are attracted to the breadth of the company’s platform, commitment to growth and feel like minded with the firm’s collaborative culture. We look forward to adding value to the Marcus & Millichap team and helping the company scale and diversify its services.” “The debt and equity team is eager to join Marcus & Millichap because of the synergies of our respective organizations,” Ray said. “We see the value in Marcus & Millichap’s investment brokerage dominance and brand and respect MMCC’s leading market position on the financing side. We look forward to contributing to the company’s growth by bringing over a strong team with deep structured finance expertise.”