[JoninATX]

257 apartment units to be built at East 11th and I-35

By Shonda Novak AMERICAN-STATESMAN STAFF

Published: 9:40 p.m. Tuesday, May 29, 2012

Add another apartment project to Austin's multifamily building boom, this one 257 units planned for the southeast corner of East 11th Street and Interstate 35.

Austin-based Forestar Group Inc. said Tuesday that it will join with Canyon-Johnson Urban Funds LLC on the project, slated to break ground within a month at 807 E. 11th.

Canyon-Johnson — a private equity fund that's a partnership between former NBA star Earvin "Magic" Johnson's Magic Johnson Enterprises and Canyon Capital Realty Advisors — was a partner with Stratus Properties Inc. in developing the W Austin Hotel & Residences downtown.

The new project is being called Eleven. The first phase, 83 units, is projected to be completed in late July 2013, Forestar officials said.

Units will range from studios and lofts to one- and two-bedrooms.

Rents have not yet been announced.

The project joins a growing list of apartment projects that are planned or under construction in Central Texas, where the region's apartment sector has been the strongest segment of the commercial real estate market.

In the past few years, occupancies and rents have been on the rise, fueled by job and population growth and a tight supply of available units.

With views of downtown and the state Capitol, Eleven will consist of a four-story building above a two-story parking garage.

Amenities will include a pool, rooftop deck, courtyard with outdoor living area, a clubhouse and fitness facilities, officials said.

http://www.statesman.com/business/re...t-2381603.html