Stillwater buys 16.6-acre development site in Mesa for $11.1M
Cushman & Wakefield announced the firm has advised Dallas-based Stillwater Capital Investments in the acquisition of a 16.6-acre multifamily development site in Mesa, Arizona. Stillwater plans to construct a brand new 373-unit Class A apartment community on the site that it acquired for approximately $11.1 million. Located at 1445 S. Power Rd. and 1455 S. Clearview Ave., at the corner of East Hampton Avenue, the property currently houses vacant retail structures that Stillwater will demolish to pave way for its new state-of-the-art apartment development.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the sale. The seller was Lamar Companies and Utah based GFI-Mesa Investments, Ltd.The new community is ideally located near an abundance of walkable retail, shopping, dining and entertainment amenities surrounding the property, including the Superstition Springs Center. Additionally, it is also positioned immediately off the State Route 60 freeway, near the Loop 202 interchange. Stillwater is working with architect Omniplan, Brennan Ray of Burch & Cracchiolo for rezoning/legal, Ali Fakih with SEG for civil, and Andy Baron with ABLA for landscaping of its new project.