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‘Slackerville,’ apartment development heading for four Austin properties

Local group Rastegar announces intentions for its new acquisitions.

Photo of an open courtyard and surrounding apartments in a two-story apartment building, probably shot from the second floor. There is simple iron railing and some stairs in front. The courtyard contains an L-shaped bed of gravel with a curvy end and a round planter and within that. The apartment building is made of wood with a simple design.
Highland Heights apartment complex
Courtesy of Rastegar

Plans for the development or redevelopment of four major Austin properties—including the former “Slackerville” on South First street—include building and renovating projects for mixed and multifamily use, local real estate investment firm Rastegar announced Tuesday.

The firm acquired 16 Texas and Arizona properties in 2019, including two existing multifamily properties, a lot on South Congress Avenue, and the former mixed-use property on South First (often called “Slackerville” for its assortment of longstanding small local businesses offering merchandise such as vintage clothing and records) and smaller lots surrounding it.

A press statement from Rastegar explains that its strategy is reposition, redevelop, or improve “asset management and operational efficiency” of properties that are, essentially, located in the urban core—near “employment opportunities, higher education institutions, residential areas, restaurants, entertainment, healthcare facilities, and major transit corridors.

A representative for the company elaborated on plans for the properties it acquired in Austin in fall of last year.

Plaza 38 in Hyde Park

Plaza 38
Via Apartment Guide

Rastegar purchased the 48-unit, 36,740-square-foot multifamily residential complex at 206 West 38th Street “to provide upscale living spaces to young professionals, graduate students and high-earning individuals in the North Austin/Hyde Park area that are looking for a minimum commute to the nearby hospital, University of Texas (UT) campus and the multitude of surrounding hotspots,” according to its press release.

Highland Heights in St. Johns

The company will fully renovate the 50-unit, 29,867-square-foot, multifamily residential complex in the North Central Austin neighborhood. It also plans to increase property-management efficiency.

New multifamily development on South Congress

5402 South Congress Avenue
Via Google

The company acquired the 1.3-acre, 56,628-square-foot lot at 5402 South Congress Avenue with the intention of building a new multifamily residential complex. Located south of West Stassney Lane between Redbird and Mockingbird lanes, the lot has a total buildable potential of over 110,000 square feet. Rastegar plans to develop a 76-unit complex with 115 underground parking spaces on the property

New mixed-use at old Slackerville

A collection of low-slung buildings with skyscrapers in the distance.
The former Slackerville

While Rastegar announced its acquisition of the A 1.77-acre, 77,101 square foot 2209 South First Street—along with several smaller surrounding lots—last fall, it hasn’t released specific plans for the spot other than confirming that it will probably be developed for mixed use.

The seller of the Slackerville property was World Class Holdings, the downtown offices of which federal agents raided in August for reasons that have yet to be specified.