PORT ST. LUCIE, Fla. – Capstone Communities has begun construction on The Cottages at Port St. Lucie, a 286-unit build-for-rent community situated on approximately 30 acres in the Tradition/Southern Grove area. Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, The Cottages will feature a mix of single-story and two-story cottages, each with its own private fenced yard, as well as a centralized clubhouse and a resort-style pool.
“We believe this cottage-style community will offer an attractive housing option for individuals in a life transitional phase,” said Davis Maxwell, vice president of development for Capstone Communities. “Our goal is to meet the needs of young professionals, empty nesters looking to downsize, or new residents preparing to eventually buy a home to create a true sense of place for every resident who calls The Cottages their home.”
Perfectly situated within the growing Port St. Lucie community, just a short drive from Palm Beach, Vero Beach and Jupiter, each home will range from 576 to 1,440 square feet and include nine-to-12-foot ceilings, quartz countertops, stainless steel appliances, wood-grain flooring, in-unit washers and dryers, a smart home technology package, 24/7 on-call maintenance and optional enclosed garage parking.
The Cottages at Port St. Lucie represent a rapidly growing “build-for-rent” trend in the multifamily real estate sector. According to industry expert, Brad Hunter, about 64,000 BFR units were built in 2020 with an additional 80,000 planned for this year (The Business Journals).
“As the Port St. Lucie area welcomes more people to the community, we’re excited to provide a quality living option that can fit the needs of many local renters,” said Shep Nolen, president of CBI Construction Services. “Instead of purchasing a home, more and more renters today value flexibility, so we’ve developed these cottages to give them the space and feel of a traditional home with apartment-like amenities.”
This project marks Capstone’s fifth conventional cottage-style project to date, with developments currently under construction in Huntsville, Alabama; Daytona Beach, Florida; Summerville, South Carolina; and Wilmington, North Carolina.
Berkadia JV Equity & Structured Capital secured the capital partner for this project in addition to Capstone’s robust pipeline of build-for-rent projects to come. Nequette Architecture & Design is the lead architect for the project, and CBI Construction Services is the general contractor. Capstone Properties, Capstone’s in-house management division, will begin pre-leasing Summer 2022.
For more information, visit www.capstone-communities.com.
About Capstone Communities
Capstone Communities is a Birmingham-based commercial real estate firm specializing in development, management and construction of student and multifamily housing. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, an active and experienced developer for more than 21 years with a portfolio that included 118 communities across 31 states, 58,000 beds and $2.7 billion project costs. Capstone Communities has recently introduced its conventional cottage-style development program to the multifamily sector and is currently under construction on several properties across the Southeast in Alabama, South Carolina, North Carolina and Florida. For more information, visit capstone-communities.com.
