Birmingham-based Capstone Communities has broken ground on a 21-acre, low-density multifamily development in North Carolina.
The Cottages at Riverlights is the company’s fourth conventional cottage-style community, situated in Wilmington on 21 acres. The low-density, multifamily development is the first project underway in a 120-acre master-planned community, Riverlights, owned by Newland Real Estate.
Capstone is currently under construction on similar cottage-style developments across the Southeast in Huntsville, Daytona Beach and Summerville, S.C. The Cottages at Riverlights uses a build-for-rent (BFR) housing model.
“Since 2007, our team has developed cottages in more than 20 student housing communities across the country and have found this model to be highly successful,” John Acken, executive vice president of Capstone Communities, said. “As we begin introducing the cottages to the multifamily sector, our goal is to meet the needs of young professionals, empty nesters looking to downsize or new residents to build a true sense of community that can be difficult to create in a traditional apartment setting.”
Developed with sidewalks, pocket parks and open green spaces, units will range from 650 to 1,350 square feet and offer a mix of one, two and three-bedroom cottages, each with its own private, fenced yard, as well as studio lofts and two-story carriage units.
Capstone’s in-house construction entity, CBI Construction Services, is serving as the general contractor for The Cottages at Riverlights. Construction financing is being provided by Truist Bank. Nequette Architecture & Design, also headquartered in Birmingham, is the lead architect for the project. Capstone Properties, Capstone’s in-house management division, will begin pre-leasing in summer 2022.