VENICE, Fla., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Coastal Ridge Real Estate, a multifamily real estate investment, and management firm, has broken ground on its first build-for-rent development project, Stillwell at Wellen Park.
"Coastal Ridge is excited to break ground on Stillwell at Wellen Park," said Andy Lallathin, Managing Partner, Coastal Ridge Real Estate. "We've long seen development as the final spoke in our organization's wheel, rounding out our institutional investment and best-in-class operations platforms."
Once completed, Stillwell at Wellen Park will feature 274, one-, two-, and three-bedroom single-family and cottage-style homes, each with private outdoor space, designer finishes, and smart home technology. The community will include a generous amenity package including state-of-the-art clubhouse, fitness center, business center, club lounge, kitchen, game room, coffee bar, resort-style zero-entry pool, fire pits, dog park, bocce court, and walking path.
The project will be located within Wellen Park, one of the top-selling master-planned communities nationwide, and in close proximity to the new Atlanta Braves spring training facility, a Publix-anchored retail center, and Downtown Wellen, a vibrant mixed-use hub currently under construction.
"I think you can sense my excitement around adding Stillwell to the Wellen Park Community," said Rick Severance, President of Wellen Park at the ceremonial groundbreaking event. "From our first meeting with Coastal Ridge, we understood how their development could help us achieve our objective of providing a variety of residential options within Wellen Park."
Developed by Coastal Ridge with equity partners, Halstatt Real Estate Partners out of Naples, Florida, Stillwell is positioned to be a leader in the build-for-rent space, differentiating itself from conventional multifamily due to the free-standing building model of each home. This emerging product type appeals to a variety of renters driving multifamily demand throughout the country.
"Residents are looking for much more than solid surface countertops and stainless-steel appliances. They want the feeling of living in a single-family home while having the flexibility and hassle-free lifestyle that renting provides," said Lallathin. "Stillwell has been carefully crafted and developed to provide the same privacy and outdoor space that comes with homeownership, without committing to a mortgage or maintenance. It's what we consider to be, 'Sanctuary without strings.'"
Coastal Ridge plans on bringing Stillwell to communities throughout the country, with additional projects scheduled to break ground soon in Austin, Texas, and Columbus, Ohio.
"We're bullish on the build-for-rent model and are actively and aggressively assessing new markets and sites," said Lallathin. "I anticipate that by the end of the year we'll have an additional two sites under construction in two new markets with many more sites under contract to build out our pipeline."
For more information on Stillwell and Coastal Ridge, visit www.coastalridge.com/development.
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 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. https://halstattrealestate.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.
MEDIA CONTACT:
Hilary Marshall
Director of Corporate Marketing
(614) 368.8016
hmarshall@coastalridge.com
Related Images
Image 1: Stillwell at Wellen Park
Introducing, Stillwell at Wellen Park, a 28-acre build-for-rent community developed by Coastal Ridge.
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