Stillwater Capital Investments has acquired an $11.1 million site for the development of a 373-unit community in Mesa, Ariz. Cushman & Wakefield advised the company in the transaction. The sellers were Lamar Cos. and GFI-Mesa Investments Ltd. According to Stillwater’s LinkedIn profile, the project entails a total cost of $110 million.
The community will span 16.6 acres. The company plans to demolish current retail structures at the site and develop a Class A community. Omniplan will lead the architectural efforts and ABLA will work on the landscaping for the project.
Located at 1445 S. Power Road and 1455 S. Clearview Ave., at the intersection with East Hampton Avenue, the community will be within half a mile of Superstition Springs Center, which encompasses a variety of dining, entertainment and retail options. Banner Gateway Medical Center is within 3 miles of the property. State Route 60 Freeway is half a mile away from the asset, offering easy access to Phoenix.
The Phoenix multifamily market has recorded a 23.2 percent year-over-year rent growth as of March, one of the highest rates among major metros. Currently, there are 13 properties under construction, that will add roughly 2,904 units to the current inventory, representing 6 percent of the total stock, according to Yardi Matrix data.
Stillwater Capital’s portfolio holds 13 properties and some 4,833 units across six markets. Recently, the company sold Augusta Flats, a 260-unit property in San Antonio to a partnership between Strategic Properties of North America and Benefit Street Partners Multifamily Trust.