An Austin real estate investment firm that has been buying properties around South First Street said it has completed two more acquisitions for a planned mixed-use project.


Rastegar Property said it has purchased tracts at 505 and 507 West Live Oak Street. The lots currently house single-family homes.


Financial terms of the deal were not disclosed. The sellers' names also were not disclosed.


The Travis Central Appraisal District values the 505 W. Live Oak property at $954,800 and the 507 W. Live Oak property is at $676,111.


Rastegar said the Live Oak properties complete a tract the company has been assembling since acquiring the "Slackerville" retail center at 2209 South First Street last September.


The Slackerville site, once home to an eclectic mix of merchants, is in the heart of the rapidly changing South First Street, which has seen an influx of new apartments and mixed-use developments.


The new project will be called Slackerville 2.0 and will feature multifamily and commercial space including a restaurant, Rastegar said.


"The intersection of South First and West Live Oak is a vibrant, attractive neighborhood that’s often sought-out by the countless young professionals who make their way to Austin every year to take advantage of the growing job demand," said Ari Rastegar, founder and CEO of Rastegar Property.


Rastegar said the acquisitions of 505 and 507 W. Live Oak will enable his firm develop a project "that pays homage to the neighborhood’s unique culture, while providing residents and neighbors with the absolute best amenities."


In addition to buying Slackerville last year, Rastegar purchased two surrounding parcels with vacant structures at 2213 South First Street and 501 W. Live Oak Street.


The Slackerville property is valued at $2.47 million by the appraisal district, while 2213 South First is valued at $582,260 and 501 W. Live Oak Street is valued at $590,730.


Michael McKinley of St. Croix Capital represented the Rastegar Property in the transaction.


"Once we secured the hard corner things began to fall into place," McKinley said. "All parties worked diligently to overcome obstacles related to COVID-19 in order to complete this 2.5 acre assemblage, due to the high demand for development sites in Austin's urban core."