Real estate investment firm Rastegar Property Co. has launched a $200 million private investment trust to invest in vintage multifamily assets throughout the Sunbelt.
Vintage multifamily assets combine certain elements of Class A, B, and C multifamily properties and are typically heavily renovated Class C assets in a city's urban core amongst Class A properties. Generally, they attract Class B-level rents.
Rasetgar's REIT will renovate, reposition, re-lease, and/or develop vintage assets throughout the Sun Belt region, a sweeping area whose high growth potential makes it favorite among multifamily investors. The region consists of 18 states covering the lower third of the US and includes seven of the 10 largest cities in America.
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Opportunistic investments in these areas will be good hedges against inflation and global risk, says CEO Ari Rastegar in prepared remarks, adding the company is concerned by public market volatility.
"We've uncovered off-market deep value in vintage multifamily complexes across Austin and Texas and throughout the Sun Belt states and are delighted about the opportunity to pass that value onto retail accredited investors through our REIT offering," he also says.
The REIT's common stock is expected to be made available through Boustead Securities, the dealer manager for the offering, at $100 per share.
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