Boston, MA – (April 28, 2016) – GID announced today that it acquired Eleven, a 257 unit luxury apartment community located in Austin, Texas. Eleven is located just off Interstate 35 on East 11th Street in the East Austin neighborhood. The Property is located less than a mile from the Austin CBD and is one half mile from The Texas State Capitol. The University of Texas, Brackenridge Hospital, Austin Convention Center, and the Dell Medical School at the University Of Texas are all located within a mile of the property. Eleven allows residents to experience the restaurants, bars and entertainment of Austin’s fast growing East Side, while maintaining the convenience to the Austin CBD’s major employment drivers. The Waller Creek Redevelopment Project, located immediately across Interstate 35, is underway and will feature bike and walking trails, and a large lawn with performance venue. U.S News ranked Austin #2 in the “Best Places to Live” in the United States for 2016. Fueled by numerous corporate relocations and expansions, the Austin MSA is experiencing growth at twice the national pace.
Eleven consists of four residential stories atop a two level podium garage. The property has 257 units with an average unit size of 793 square feet. All units include kitchens with granite counters, tile backsplash and Whirlpool stainless steel appliances. Bathrooms feature deep soaking garden tubs or stand-up showers with ceramic tile surrounds, granite counters with under mount sinks and modern brushed nickel hardware. Eleven offers an expansive amenity package that includes a business center, club room, bike storage & repair room and a fitness center. The property has two courtyards that include a resort style swimming pool and cabanas, bocce courts and BBQ grilling stations. The property’s top floor features a Sky Lounge – an indoor/outdoor rooftop deck with downtown and Texas State Capitol views.
Andy Huntoon, Vice President of Real Estate Acquisitions at GID commented, “We’re very excited about the long term prospects for this particular submarket as well as the Austin MSA as a whole. This represents an opportunity to acquire an asset with excellent unit finishes and amenities, in a location that provides great access to Downtown and East Austin, at a price close to current replacement cost.”