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Archives for August 2011

EXCLUSIVE: Client relations firm announces $2M expansion, downtown Austin HQ

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3Seventy, a company that provides cloud-based, mobile client relations software, is moving into downtown Austin.  The company, formerly called “TXT4CRM” until it changed its name last year, said it plans to hire 30 to 40 people over the next 12 months in downtown and an office in Lithuania.

While it might seem old hat to a lot of Austinites, it’s worth reminding that downtown communities across country roll out a red carpet for any business that invests in downtown and 3Seventy’s downtown Austin investment is something to be celebrated, not be taken for granted.

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The Monarch Apartments Sold To Windsor

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Amid a few weeks of rumors and hearsay, Downtown Austin Blog has confirmed that Windsor Communities has closed on their purchase of The Monarch apartment building from ZOM/ZRS.  Back in 2007 ZOM was planning a 29 floor, 300+ unit building as a condominium along Shoal Creek (801 W 5th Street).

During construction, the national economy tanked.   To the chagrin of several purchasers whose contracts would have to be cancelled, the Florida based developer astutely reset and decided operate the building as an apartment building.  That has turned out to be a fortuitous decision.

It would have been difficult to predict how successful downtown Austin would be in weathering the recession.  As it turns out, downtown Austin apartment rents have strengthened – a result of diminishing inventories and [relatively] tight lending standards still affecting the for-sale market.

The buyer, Windsor Communities, is on a roll.  They also acquired the Legacy On The Lake back in April, which is recently operating at ~96% occupancy.

Thanks to Kenny Chan for the heads up!