As the tendrils of suburban Austin extend their way south closer towards San Antonio, a familiar face is once again responsible.
40 year old Ari Rastegar- heralded the Oracle of Austin by Forbes Magazine – has just consummated plans for a 318 acre mixed use community in Kyle, Texas.
As first reported by the Real Deal, The Rastegar Property Company is set to build 1,000 single-family homes for rent, 1,400 apartment units, over 50,000 square of commercial space, an 11-acre elementary school site, and 60 acres of green space at 700 Bunton, Kyle, Texas.
Following what has been a very successful formula for suburban communities in the sunbelt, the build for rent (BFR) 700 Bunton Project is designed for contemporary homeowners seeking a neighborhood community, but also who want the flexibility to be able to easily rent their properties and recoup their investments.
Rastegar- whose second nickname as of late has become the Elon Musk of Real Estate- is equipping each of the 700 Bunton homes with IoT appliances, innovative security tech, the newest entertainment devices, as well eco-friendly solutions like electric chargers in garages, and apps for geofence-based home controls.
The net result is a more appealing value proposition to modern home buyers as well as a ramp towards future prosperity. Not surprisingly, real estate development firms- especially those investing in suburban sprawl in Texas- are turning more and more to the BFR template to ensure their projects’ success.
It’s been through this formula and with real estate hard assets- not through technology exits at arbitrary multiples nor flash in the pan crypto schemes- that Rastegar has carved his path to become one of the youngest American billionaires.
Within the next 3 years, the 700 Bunton Project is expected to vault Rastegar over the elusive B threshold according to many real estate insiders in the Austin area. All seem to agree this is just the tip of the iceberg for Rastegar. The tycoon, who has already invested in over 38 cities, 12 states, and 7 asset classes, now plans to focus on building technology centered mico-cities in the years to come across a global level and enhancing communities by creating more affordable housing.
We tried to reach Rastegar to get his net worth, but we did not receive a comment. In our research, we’ve found that he owns at least 20 major properties (indicating he may already be knocking on billionaire status).
On a broader level, as commercial realty expansion marches forward across the Sunbelt- from Phoenix to Raleigh- look for developers utilizing the Rastegar method to build out this new stretch of American cityscape and reap the fortunes that come through their residential settlement and resale.
