AustinTowers.net reported this week that a new apartment complex coming online just east of downtown on I-35 and 11th Street in East Austin (fittingly named Eleven Austin) is apparently being financed in part by basketball legend Magic Johnson (through one of his joint ventures with Canyon Johnson Urban Funds). Eleven isn’t even CJUF’s first foray into central Austin real estate, as they also had a part in the financing of The W Condos in downtown Austin.
The location is a slam-dunk (there, we got that pun out of the way), with great visibility in a high-traffic location near Austin’s urban core, but Austin Towers notes that the cyber presence has left a little to be desired.
Pre-leasing is supposed to begin this Spring, and average unit size will be about 800 sf. No word yet on pricing, though we’re sure it will be aligned with the overall rental market in downtown Austin.