Birmingham-based Capstone Communities recently broke ground on two cottage communities, The Cottages at Port St. Lucie and The Cottages at Myrtle Beach.
“We began our first multifamily venture in Huntsville last spring with The Cottages at Old Monrovia and have since continued this momentum with additional projects under construction along the East Coast,” said John Acken, executive vice president of development for Capstone Communities.
Developed with a new urbanism-style featuring sidewalks, pocket parks and open green spaces, the properties are taking advantage of the rising trend of build-for-rent communities.
“Instead of purchasing a home, a growing number of 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,” said Davis Maxwell, vice president of development for Capstone Communities.”
CBI Construction Services, Capstone’s in-house construction entity, is building both projects. The Cottages at Port St. Lucie, in Florida, is a 286-unit community. The Cottages at Myrtle Beach, in South Carolina, will feature 294 units. Both developments are expected to deliver their first units next fall, with full project completion slated for fall 2023.
Berkadia JV Equity & Structured Capital secured the capital partner for the projects. Nequette Architecture & Design is the lead architect. Capstone Properties, Capstone’s in-house management division, will begin leasing the properties in summer 2022.