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:
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.