Central Texas will soon have 1,000 new apartments, thanks to the new joint venture initiated by HPI Real Estate Services and Captex Development Company. The two companies will collaborate on four projects over the course of two to three years, building apartments under the name HPI Residential.
The new company’s focus will be mainly on multifamily residential structures. The first two projects will be in the Lakelike Mall (image below) area and will be geared toward the upper end of the market, with rent costs ranging from $800 to $1,400 per month.
As part of the arrangement, seasoned apartment professional Jim Norman will lead the newly formed HPI Residential. Norman believes now is the right time to expand in the residential multifamily market.
"The timing for multifamily development in Austin is perfect right now," Norman said. "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."
For the first project, HPI Residential is looking at a 22-acre area on the northwest corner of Parmer Lane and Spectrum Drive or another 20-acre area as well. For the third and fourth projects, the company is currently evaluating 20 sites and may even expand the search beyond those.
HPI Real Estate Services and Investments services the Austin, San Antonio, and surround Central Texas area. Its services include development, real estate assistance, leasing, and consulting support.
Captex Development Co deals in residential and mixed use land development in Texas. It has developed shopping centers, office buildings, and warehouses.