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.
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.
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