Stillwater Capital Breaks Ground on Phoenix-Area Community
Located in Gilbert, Ariz., the property will welcome its first residents towards the end of 2024.
Stillwater Capital Investments is expanding its multifamily presence in the Phoenix metro with its latest project. Along with equity partner Rosewood Property Co., Stillwater began construction on a yet-to-be-named 352-unit community in Gilbert, Ariz. First units will be available in December 2024, while the community is expected to be fully completed by summer 2025.
Stillwater tapped MT Builders as the project’s general contractor, while Omniplan will serve as the architect. The developer also tapped B2 to design the community’s interiors and Greey Pickett as the landscape architect.
The community’s units will average 965 square feet and will be built with mudrooms, gas appliances, hosting islands, and nine- and ten-foot ceilings. Plans include a pool and bar among the common amenities to be provided. The property will be located at the intersection of Rivulon Boulevard and S La Arborleta Street, less than 10 miles from downtown Phoenix.
Stillwater’s new community will be part of a 250-acre mixed-use property called Rivulon that is being developed by Nationwide Realty Investors. The Stillwater community will have access to a greenbelt that connects residents to Rivulon’s three million square feet of Class A office space and more than 10,000 square feet of retail, dining and entertainment options. Rivulon currently has completed offices that are already leased to tenants including Deloitte, Morgan Stanley, Merrill, Mountain America Credit Union and a mix of retail and restaurant occupants.
While its latest residential project in Gilbert is a multifamily development, Stillwater Capital has an equal focus on single-family projects. The company’s portfolio is mostly concentrated in Texas, with several recently-completed projects located in Dallas, Austin and San Antonio. In February 2022, Stillwater Capital sold off its 260-unit luxury community in San Antonio after completing it earlier that year.
As for Phoenix, Stillwater Capital’s project in Gilbert marks its second development in the metro. In April 2022, the company acquired a 16.6-acre site that would be used to develop a 373-unit community in Mesa, Ariz. Stillwater Capital has plans to expand its Arizona footprint beyond its Gilbert and Mesa projects.