CAMBRIDGE, MASS. — A partnership between Capstone Communities and Hope Real Estate Enterprises has opened Frost Terrace, a 40-unit affordable housing complex in Cambridge. Designed by Bruner/Cott Architects, the property consists of four buildings that house one-, two- and three-bedroom units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a community room, outdoor green spaces and onsite laundry facilities. Frost Terrace received over 900 applications during its initial leasing cycle.
Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …
AUSTIN, TEXAS — Cousins Properties Inc. (NYSE: CUZ) has acquired 816 Congress Avenue, a 434,000-square-foot, Class A office building located in downtown Austin. The company purchased the office tower for a net purchase price of $102.4 million, which equates to $236 per square foot. The acquisition was funded with cash proceeds from Cousins’ recent follow-on stock offering. “This represents another attractive acquisition for Cousins as we continue to target quality urban office assets in the best Southeastern submarkets at valuations below replacement cost,” says Larry Gellerstedt, president and CEO of Cousins. “We have a long, successful history in Austin and are very excited about the opportunity to create value at 816 Congress Avenue.” Cousins has played a prominent role in the Austin real estate market for more than 20 years, with a list of notable projects including Frost Bank Tower and Palisades West. 816 Congress Avenue is currently 78 percent leased to a diverse tenant base, including Teachers Retirement System of Texas, Lloyd Gosselink and AT&T Services. With overall office occupancy in the Austin CBD submarket at 89 percent, the building is well positioned for future occupancy growth, the company says. Cousins intends to utilize its market expertise and strong …