Great location if you want the campus feel! We were touring UT with our High School Junior and, while we've stayed in Austin lots of times before, we'd never been this close to campus. You get the good (seeing all the students walking to campus and all the college-type restaurants and shops) with some of the bad (loud music at 1 am...Bring earplugs!).
The apartment is a great space for a large family. It's huge, so you get to spread out and, within the actual apartment, it is very quiet (you don't hear each other walking around). Great communication with the homeowners when we had to extend our stay because of weather and when we realized we had a small maintenence issue. They got back to us in under 5 minutes. We would stay again for sure!