Rastegar Property Co. has acquired Velo Flats apartment complex in the bustling 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.
Sitting at 2606 Wheless Lane, the nine-building, 56,780-square-foot complex was built in 1972 on more than 3 acres of land. This vintage multifamily complex is in a section of the city that is in much need of housing as the nearby State Highway 130 corridor is becoming the industrial backbone of Austin. It is located near Tesla’s $1 billion Gigafactory. The Velo Flats complex will be redeveloped to attract the young professionals making their way to the city to work at Tesla, as well as the various other top-tier tech companies that are establishing large presences throughout the city.
“East Austin is the fastest growing part of the city, and Rastegar is primed to offer best-in-class housing to all those who are mak
