Rastegar Property buys high-profile Phoenix lot for high-rise development
Rastegar Property, a vertically-integrated real estate investment firm focused on value-add and development in all asset classes across the United States, today announced its acquisition of a prominently-located high-rise lot in Downtown Phoenix in anticipation of the city’s rapidly growing demand for residential and commercial real estate space.
Located at 334 N. 4th Ave., the 26,500+ square foot high-rise lot is near many employers, higher education campuses, retail spaces including shops, restaurants and bars, and entertainment venues. The lot’s zoning allows for 550 feet of vertical development, and Rastegar Property plans to use the lot to develop a multifamily high-rise residential complex with office and retail components.
“The Phoenix metropolitan area is experiencing some of the most tremendous job growth in the country, and with that comes significant demand for residential and commercial properties,” said Ari Rastegar, CEO of Rastegar Property. “In addition to its attractive size and location, the property also falls within a designated opportunity zone, a program through which the state of Arizona is encouraging investment and development in the Phoenix metropolitan area. This program, combined with the city’s rapidly growing population, and nation-leading rent and job growth, makes Phoenix an ideal market for Rastegar to make strategic acquisitions that bolster our national portfolio.”
According to the U.S. Bureau of Labor Statistics, the Phoenix-Mesa-Scottsdale metropolitan statistical area saw the largest nonfarm job growth of all large metropolitan statistical areas from May 2018 to May 2019. In that period, the Phoenix metropolitan area achieved 3.2% nonfarm job growth and added over 66,000 jobs, many of them in education and health services, construction, and professional and business services. In the last 10 years, the area has experienced 24.3% job growth.