BIRMINGHAM, Ala. – Capstone Communities announced its first build-for-rent (BFR) community in the Greater Birmingham area, The Cottages at Greystone. A low-density multifamily development, The Cottages will sit on approximately 30 acres within the well-established Greystone community, just minutes off Highway 280.
For more than two decades, Capstone built its reputation as a national leader in the student housing industry. In 2017, Capstone expanded its portfolio beyond student housing into the multifamily sector at the forefront of the rapidly growing build-for-rent (BFR) movement. With the introduction of its cottage-style development program, Capstone has quickly become a BFR leader with seven communities currently under development across the Southeast.
“Birmingham is not only our hometown but the centerpiece of a thriving region and state that embraces the spirit of innovation, progress and growth,” said Jim Beatty, vice president – development for Capstone Communities. “We are proud to bring our build-for-rent cottage concept, which has proved tremendously successful in other markets, closer to home and provide a premium housing option for Birmingham residents looking to rent instead of buy.”
Construction on The Cottages will commence May 2022, with its first units scheduled to be delivered by summer 2023 and full completion in winter 2023. Incorporating a “new urbanism” style, the 189-unit development includes sidewalks, pocket parks and open green spaces that create a true sense of place for its residents.
The Cottages is located in-between Saint Vincent’s One Nineteen Hospital and Church of the Highlands, while having convenient retail destinations, accessible recreational activities and several business parks along the Highway 280 corridor, giving residents easy access to what they need – whether it’s commuting to work, grocery shopping, gathering with friends or exercising.
Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of lofts, one and two-story cottages, as well as two-story townhomes including private outdoor yards.
“Our goal is always to create a distinctive design and collaborative community in everything we do,” said Louis Nequette, founder and chief architect of Nequette Architecture & Design. “After partnering with Capstone for nearly 20 years and designing more than 30 cottage communities across the country, it’s a pleasure to showcase one of our latest designs here in our own backyard.”
Each unit will include nine-to-12-foot ceilings, wood-grain flooring, in-unit washers and dryers, 24/7 on-call maintenance and optional enclosed garage parking. Neighborhood amenities include lush courtyards with pavilions, a central clubhouse with a resort-style pool, fitness and business centers, pet washing stations and valet trash.
“As the home to several large companies, a well-established finance and legal industry and the proud host of the World Games this summer, Birmingham has experienced exponential growth and recognition over the past few years,” said Shep Nolen, president of Capstone’s in-house construction entity, CBI Construction Services. “We are excited to contribute to that growth by adding up to 130 construction jobs to the area throughout the lifespan of the project.”
CBI Construction Services is serving as the general contractor for The Cottages at Greystone. Berkadia JV Equity & Structured Capital secured the equity partner for this project. Capstone Properties, Capstone’s in-house management division, will begin pre-leasing in Spring 2023.
Capstone recently completed a similar cottage-style development in Huntsville and is currently under construction on several BFR communities across the Southeast in Daytona Beach, Florida; Summerville, South Carolina; Wilmington, North Carolina; Port St. Lucie, Florida; Myrtle Beach, South Carolina; and Warner Robins, Georgia.
For more information, please visit liveatthecottagesatgreystone.com or capstone-communities.com.
About the Build-for-Rent Concept
Build-for-rent communities are one of the fastest growing trends in the multifamily real estate segment. According to industry expert, Brad Hunter, about 100,000 BFR units were built in 2021 with an estimated 120,000 units to be built in 2022. Hunter sees this trend eventually surpassing 200,000 new-construction units per year (Hunter Housing Economics).
About Capstone Communities
Capstone Communities is a Birmingham-based real estate firm specializing in development, management and construction of student housing, multifamily and town centers. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, a nationally renowned student housing 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.
In 2017, Capstone expanded to the multifamily sector at the forefront of the build-for-rent movement with the introduction of its cottage-style development program. Today, with a mission to be an innovative company dedicated to serving people, building community and delivering exceptional experiences that stand the test of time, Capstone’s growing project footprint now stretches across the Southeast with build-for-rent communities under construction in Alabama, Georgia, Florida, South Carolina and North Carolina. For more information, visit capstone-communities.com.
