Wednesday, March 19, 2014

More Apartment Development

Dallas real estate firm breaking out with large new apartment developments

Construction has started on Stillwater Capital's project on Peak Street in East Dallas. (Steve Brown)
A rapidly growing Dallas real estate investment and development firm has broken ground on one apartment community and has another in the works.
Stillwater Capital Partners has started building on two blocks at Peak Street and Cabell Drive near the Cityplace project.
The land that’s been cleared and is now under construction originally was a neighborhood of old homes. But several years ago investors bought up the houses and razed the property.
Stillwater bought the property last fall.
The 5-year-old real estate firm was founded by local real estate executives, including former officers with HIllwood Properties and Criterion Development Partners.
The company has purchased more than 1,000 older apartments in Dallas, Fort Worth, Houston and San Antonio.
Along with the project in East Dallas, Stillwater has also has plans to build more than 550 apartments on two large sites near Southern Methodist University.
Stillwater Capital wants to build 325 apartments on this site near SMU and Lovers Lane. (City of Dallas)
The apartment communities would be constructed at the corner of Milton Street and Amesbury Drive on sites now occupied by two older apartment communities, according to filings with the City of Dallas.
Stillwater is seeking zoning changes that will allow construction of the projects in a neighborhood that is already seeing widespread apartment redevelopment.