Another apartment complex has popped up for West Campus: this is
West Forty at 1008 W 25th 1/2 St (behind Yugo Austin Corner):
It also already has a website: westfortyatx.com and its own investor portal:
https://214invest.com/austin_student that explains why it seems to be going pretty fast. Seems like this project was already in the works and flew under the radar throughout this time.
It says it's planned to open next fall (!?). I think that's a bit too optimistic, more likely than not in about two years.