Stillwater Capital Investments announced June 23 it has started construction on Stillwater Crystal Springs, a 387-unit, Class-A+ apartment community in Fort Worth.
Stillwater is partnering with Boston-based CrossHarbor Capital Partners on the project. The first units are scheduled to be delivered in early 2022 and will consist of studio, one-, and two-bedroom units.
Stillwater Crystal Springs is situated on 6.85 acres along the West Fork Trinity River in The River District, a 287-acre master planned neighborhood approximately three miles west of downtown Fort Worth.
The project is named after its predecessor, the Crystal Springs Dance Pavilion, which was home to a popular dance hall and swimming hole from 1930 to 1966, famously known as the birthplace of Western Swing. The country music venue was a popular destination and featured such performers as Bob Wills and Milton Brown.
“We are excited to bring a high-quality project to the up-and-coming River District neighborhood,” said Stillwater Partner Clay Roby. “The unique topography of the site provides an opportunity for elevated amenity decks and incredible views. With direct access to the Trinity Trail, the project will also address increasing demand for developments that promote density and walkability in a thoughtful and community-focused way.”
The development will offer amenities including an elevated amenity deck with a resort style pool, courtyard with outdoor lounge area and fire pit, expansive coworking space, a dog park, bike storage, fitness center, Wi-Fi in all common areas, controlled building access, and garage parking. Each unit will feature stainless steel appliances, quartz countertops, custom cabinetry, faux wood floors, and modern finishes.
JLL Capital Markets announced that it has arranged equity and financing for the development of Stillwater Crystal Springs. The JLL team worked on behalf of Stillwater Capital to arrange an equity investment from CrossHarbor Capital Partners. In addition, the team also assisted Stillwater by placing a 40-month, floating-rate construction loan that was provided by Texas Capital Bank.
The JLL Capital Markets team representing the borrower was led by Senior Director De’On Collins.