257 New Apartments will soon be built at the southeast corner of 11th Street and I-35, Statesman.com
reports.  Today, Austin-based developer Forestar Group, Inc. said that
it will partner with Canyon-Johnson Urban Funds LLC to begin
construction on the new complex in the next month.

a private equity fund owned by Magic Johnson’s company and Canyon
Capitol Realty Advisors, also worked with Stratus Properties Inc. to
build the W Austin Hotel and Residences downtown.  The new complex will
be at 807 E. 11th Street and will be called Eleven.  The first part of
the project will contain 83 units and is slated to be complete by late
July of next year.

The complex will include studios, lofts and
one and two-bedroom units, however rents have not been announced yet. 
Residents will be able to take advantage of downtown and Capitol views
as well as a pool, rooftop deck, courtyard with outdoor living area, a
clubhouse and a fitness facility.  Eleven will be a four-story building
above a two-story parking structure.

The new project will
capitalize on Austin’s tight rental market and will join a host of new
mixed-use retail and office buildings, restoration projects and city
projects that are going into the area.  The City and the Austin Urban
Renewal Agency have already put nearly $20 million into the East 11th
Street neighborhood in an ongoing effort to attract more private
developers to revitalize the area.