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Apr. 19, 2013

Eleven Community to Open this Summer, Pre-leasing Underway

By Anca Gagiuc, Associate Editor

Located in one of Forbes’ “hippest Neighborhoods” in the heart of East Austin, the Eleven apartment community began pre-leasing on April 1, 2013 in the Haehnel Building on East 11th Street. It will be ready to receive residents this summer.

The apartment complex is an elegant podium-style six-story building with 257 units that suit a wide range of lifestyle needs—studio apartments at 416 square feet, one-bedroom apartments at 678 square feet and two-bedroom apartments at 1020 square feet with island kitchens, 10-foot ceilings and vinyl wood plank floors. The exterior is a durable combination of native stone and stucco designed by award-winning Texas-based BGO Architects, and the interior design is the work of Kathy Andrews Interiors, an award-winning firm specializing in multifamily projects.

The Forester Group is the lead developer. They are working on the project together with the Canyon Johnson Urban Fund. Leasing and managing the Eleven community rests with Alliance Residential Company.

Amenity-wise, Eleven raises the stakes for high-end communities in the ever-growing city. Austin was recently ranked as the second Best Performing Metro City in the United States by the Milken Institute. The common swimming pool and lounge area with covered cabanas has its value increased by a rooftop lounge with breathtaking views of the Texas State Capitol. Additionally, a clubhouse with an open gaming area, billiards and shuffle board is complemented by a bicycle workshop.

Interest in health is shown through a fully equipped athletic facility on site, while the grills in the courtyard, a life-size chessboard and bocce ball will likely keep tenants outdoor for longer periods of time.

According to a Market Outlook report from Marcus & Millichap, the vacancy rate in the Austin area in 2013 will increase to 4.5 percent from 2012’s 3.9 percent. Asking rent is expected to advance 4.9 percent to $964 per month while effective rent will grow 5.3 percent to $888 per month.

Photo credit: www.facebook.com/11eastaustin
Charts courtesy of  Marcus & Millichap