A Dallas-based investment firm has bought a Mesa property for $11.1 million.
Stillwater Capital Investments purchased the 16.6-acre site at 1445 S. Power Road and 1455 S. Clearview Ave. and plans to put a 373-unit apartment complex on the site.
The site currently houses some vacant retail structures that will be razed to create the apartments, officials said.
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Development
Dallas company buys Mesa property for $11.1M
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A Dallas-based investment firm has bought a Mesa property for $11.1 million.
Stillwater Capital Investments purchased the 16.6-acre site at 1445 S. Power Road and 1455 S. Clearview Ave. and plans to put a 373-unit apartment complex on the site.
The site currently houses some vacant retail structures that will be razed to create the apartments, officials said.
Cushman & Wakefield in Phoenix advised Stillwater on the sale. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the sale. The seller was Lamar Cos. and Utah based GFI-Mesa Investments Ltd.
The new community will be located near walkable retail, shopping, dining and entertainment amenities surrounding the property, including the Superstition Springs Center. Additionally, it is positioned immediately off State Route 60, near the Loop 202 interchange.
Stillwater is working with architect Omniplan, Brennan Ray of Burch & Crach for rezoning/legal, Ali Fakih with SEG for civil, and Andy Baron with ABLA for landscaping of its new project.
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