Forestar Group Inc. (NYSE: FOR) and Canyon-Johnson Urban Funds (CJUF) celebrated the official grand opening of East Austin’s newest multifamily community, Eleven, at the property this afternoon. The first residents will begin moving into their homes tomorrow. The 257-unit multifamily community has transformed the southeast corner of East 11 th Street and Interstate 35, considered a gateway into East Austin. Boasting spectacular downtown views, Eleven offers studio, loft, one and two-bedroom floor plans, each featuring quality interior finishes such as high ceilings, polished concrete or wood flooring and stainless steel appliances. Community amenities include a rooftop lounge, aqua lounge with sunning deck, fitness center, 24/7 business center and a dog grooming station. In addition, to encourage alternative transportation into downtown, Eleven features a fully outfitted bike workshop and car charging stations. Located at 811 East 11 th Street, the new apartments are conveniently located near dining, shopping and entertainment options in both east Austin and downtown Austin. Eleven is positioned to become one of the cornerstones of this authentic and vibrant urban corridor. To demonstrate a commitment to the local community, the development team announced today the donation of $25,000 to the Austin Revitalization Authority towards the historic preservation of the Herman Schieffer House, an icon in East Austin’s history. “Eleven reflects the vision and innovation of Forestar’s multifamily team who, along with our good partners Canyon-Johnson and our construction lender Wells Fargo, have developed a unique urban project that recognizes the importance of community and cultural heritage and thrives in a dynamic present,” said Tom Etheredge, Executive Vice President - Multifamily Operations of Forestar. “We are committed to creating exceptional places for people to live, blending excellent locations, high-quality construction and a broad array of lifestyle amenities.” “We are thrilled to hit this significant milestone at Eleven, and to be well on our way to delivering such a transformative urban infill apartment project to a region where housing is in such high demand,” said CJUF Managing Partner and CEO Bobby Turner. “We have a fantastic development partner in Forestar. Their local knowledge and experience have been true assets in our efforts to bring Eleven to life in East Austin.”
Investors in Forestar Group Inc saw new options become available this week, for the August 21st expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 211 days until expiration the newly available contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration.