Stillwater Capital Investments has launched construction of a 372-unit, Class A multifamily project in Austin. The property is being developed in partnership with Dubai-based Sweid & Sweid.
The first units are scheduled to be delivered in Spring 2021, while the rest of the property is slated for completion in summer of the same year. According to Travis County public records, the joint venture received a $35 million construction loan from Prosperity Bank.
The property will be located at the intersection of FM 1626 and Old San Antonio Road within a dense residential area and will be less than a mile from Interstate 35 and roughly 12 miles south of downtown Austin. The common-area amenities will include a swimming pool, clubhouse and resident lounge with a private micro market, courtyard with outdoor lounge area and fire pit, dog park and fitness center. The units will feature stainless steel appliances, quartz countertops, custom cabinetry, faux wood floors and modern finishes.
The south Austin rental market has historically outpaced other submarkets in the metro regarding unit absorption, while still maintaining a reasonable amount of annual deliveries, according to Stillwater Partner Brandon Easterling. The current project is one of many for Stillwater in Austin, which this spring broke ground on two new communities, one in the suburb of Leander and a second land site in the Riverside neighborhood.