In early February I wrote about rising rents and planned construction in the Austin/Central Texas multi-family residential sector. (See Rents rising in Austin and Austin/Central Texas -- building permits and market outlook.) This morning's Austin American-Statesman featured an article showing specific evidence of that confidence:
HPI, Captex forming new venture to build 1,000 apartments
The newly appointed head of HPI Residential said, "The timing for multifamily development in Austin is perfect right now. Our focus will be on Class A (top-tier) suburban and urban properties. We hope to have our first deals well under way by year-end."
The first two projects will be in the Northwest Austin/Cedar Park area, near Lakeline Mall. The company is evaluating many sites for additional projects.
This is one more in a long line of positive developments for Austin and Central Texas. The regional economy and housing business are poised for real growth.
As always, I will keep an eye on the market and provide updates here.
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