Austin, TX, June 16, 2022 (GLOBE NEWSWIRE) -- Coastal Ridge Real Estate (“Coastal Ridge”) a national multifamily investment, management, and development firm, announced today that they are continuing the expansion of their Stillwell brand with a new project in Round Rock, Texas. The firm will build 225 build-for-rent (“BFR”) units within the larger 1,200-acre mixed-use Avery Centre planned unit development.
The 20-acre site is ideally situated on the University Boulevard corridor, 25 miles north of Austin. Round Rock is home to Texas State University, Texas A&M Health Science Center, and Cornerstone Hospitality.
“Avery Centre allows us to bring the Stillwell brand to Texas and the thriving Austin area,” said Andy Lallathin, Managing Partner at Coastal Ridge. “Stillwell offers our residents the same privacy and outdoor space that comes with homeownership, without committing to a mortgage or maintenance.”
Coastal Ridge launched the Stillwell brand earlier this year with a 274-unit project in Wellen Park, a master-planned community south of Sarasota, Florida. The next Stillwell project is scheduled to break ground this summer in the Columbus, OH MSA, with additional projects primarily throughout the Southeast in the pipeline.
“Our team is actively pursuing additional sites for the Stillwell brand,” said Jerimi Nuckolls, Director of Development at Coastal Ridge. “Our Stillwell product is ideal for master-planned communities as well as one-off land opportunities due to its appealing nature to a variety of potential residents. We believe we’re well-positioned for the Stillwell brand to be a leader in the build-for-rent space.”
Once completed, Stillwell communities will feature one-, two-, and three-bedroom homes. Residents will have access to a resort-style pool, state-of-the-art clubhouse, walking trails, outdoor seating areas, and a fitness center.
Coastal Ridge is evaluating additional sites ranging from 20-30 acres within select target markets. The project is being developed in a joint-venture partnership with Halstatt Real Estate Partners. A ceremonial groundbreaking is scheduled for July 19th at the site.
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About Coastal Ridge Real Estate
Headquartered in Columbus, OH, with an additional office in Santa Monica, CA, Coastal Ridge Real Estate is a full-service real estate investment and property management firm executing on core, core plus, value add, and ground-up development investment strategies in the multifamily real estate asset class. The firm's vertically integrated platform includes divisions to oversee investment management, property management, and development. Coastal Ridge's current portfolio is comprised of 30,000+ conventional apartment units and student housing beds spanning 43 distinct markets, with assets under management totaling over $3.5. billion. Coastal Ridge has been recognized as an Inc. 5000 Fastest-Growing Private Companies in America five times. For more information, visit www.coastalridge.com.
About Stillwell
Created by Coastal Ridge, Stillwell is an innovative multifamily housing concept within the build-for-rent sector. This innovative product known as a Horizontal Apartment or Cottage Community consists of free-standing one- and two-story single-family residential units with private yards, utilizing shared parking similar to a typical garden apartment layout, and featuring programmed amenities. This product offers a new option for residential living, providing the privacy of a single-family home, and the amenities, professional management, and ease of living of a traditional apartment community. For more information, www.livestillwell.com.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast-based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle-market, value add, and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity. www.halstattrealestate.com
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