Yes, I know those apartments! What the heck are they called? Metro something? They are east of I-35, and in between Riverside and Oltorf. They tend to be filled by UT students but not exclusively. Probably more UT grad students than UT undergrads. You are very very close to downtown from here.
I lived in an apartment complex about two minutes away from this one on Wickersham for seven years. And I still live very close to this area. Maybe five minutes away. I consider it to be fairly safe. (ie don't leave valuables in your car or flaunt your flat-panel TV and you'll be fine).
The entire complex was re-habbed about 10 years ago, stained concrete floors, funky paint, yard art.
I'm sorry I can't remember the name, I'm busy today but will drive right past them on Friday and get the complex name.
They'd be great if you were working downtown, at the Capitol, or UT.
Ha! Thank you google. I found them. Metropolis Apartments:
http://www.austinmet.com/
I saw a wide variety of reports on them at some apartment rating site. They are definitely different. More funky, not corporate or luxury-feeling. So folks seem to either love or hate them. (I tend to flee anything that is too slick, too pretty, too fancy, so I'd probably love them! You may be very different.)