Yes. At 11 months out, you will need an AKL owner that has 397 points available and willing to rent. 397 points is quite a lot of points frankly, and I suspect the number of owners renting that many are few and far between, especially at the 11 month mark when only AKL owners can make the reservation.
All that said, I'm not sure if the brokers have a way of doing two separate reservations and linking them? In other words, if they can secure your reservation for the first half of your trip with one owner, and do a second reservation for the last half of your trip with another owner, I wonder if the broker would facilitate that or if they'd stick to just one.