Bill Esping Invests to Meet Austin's Growing Housing Need
Dallas, TX, November 01, 2012 --(PR.com)-- Dallas entrepreneur and philanthropist William (Bill) Esping recently announced his investment in two apartment complexes in Northwest Austin: Indigo and 95 Twenty. The Class A+ garden apartment project will not only meet Austin's current need for more housing, but will also meet future need in an area where jobs and population are only expected to grow. HPI Residential, LLC conceived and constructed these complexes, and Greystar Management will manage their operation and leasing activities.
Bill Esping, Multifamily Investor
With these investments, Bill Esping is making bold moves into the multifamily industry. Multifamily rates of return have grown in double digits in Texas, especially in the Austin area. According to MPF Research, vacancy rates are at or below 5%, and annual rent growth above 6%. Austin added 22,700 jobs in 2012, and Bill Esping's investments will compete well with other Austin multifamily developments.
Bill Esping and HPI Residential
Developer HPI Residential, LLC formed in March 2011 as a joint effort by HPI Real Estate Services and Captex with the goal of building 1,000 apartments in four projects by 2014. They began this effort in response to Austin's recent job and population growth. Because this increase was not matched by growth in multifamily apartments in recent years due to limited apartment construction and stricter mortgage lending, occupancy and rental rates have soared. By investing in Indigo and 95 Twenty, Bill Esping joins the effort to bring more housing to Austin at affordable rates in order to meet and encourage economic growth. Through EFO Residential, L.P., Bill Esping also successfully preserved and restored the historical and award-winning Metro 67 building in Memphis, TN (formerly the Union Planters Bank headquarters) and the former Texaco headquarters in Houston, TX to become apartments.
Located in Northwest Austin near the 183 / 45 interchange, both complexes are close to major employer and business arteries as well as public transportation and retail opportunities. They will showcase the local “Hill Country” architecture and combine local Texas heritage with contemporary styling and amenities such as granite countertops and stainless steel appliances. As garden centers, each complex will be integrated with the lush local landscape. They will feature nine floor plans from one to three bedrooms and 657 to 1315 sqaure feet.
Indigo and 95Twenty
Indigo, a 325-unit complex located at 10800 Lakeline Boulevard, is already leasing apartments and is slated to finish construction in early 2013. This complex boasts many amenities, including a business and conference center, an open lanai, a multi-level pool, a landscaped courtyard, energy-efficient apartments, and community recycling and green efforts, among many others. This project is expected to cost a total of $34.6 million.
The second complex, 95 Twenty, will be located on 20+ acres of land as part of the neighboring Davis Springs Corporate Center. This 334-unit apartment complex at 9520 Spectrum Drive will feature many of the same amenities as Indigo, including hi-speed entertainment options, energy efficient apartments, and close proximity to HPI's flex office project. Costing $35.6 million, construction on 95 Twenty began earlier this year and is expected to be completed by early 2013.
About Bill Esping
Bill Esping is a Dallas entrepreneur and investor who cofounded and leads EFO Holdings, L.P., Cypress Lending Group, Ltd. and the PMC Esping Foundation. Helping those without adequate access to legal help and counsel is just one of the many ways he and his family have given back to the community. He is a major contributor to Dallas charities, including the Dallas Children's Advocacy Center, KIPP Truth Academy, and The Arts Community Alliance. By founding the Bill Esping Lawsuit and Fraud Support Initiative in September 2012, Bill Esping joins with legal aid agencies across Texas to fight poverty and close the justice gap.
Click to learn more about Bill Esping's charitable activites.
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