Capstone Communities Expands Multifamily Footprint on East Coast

A Birmingham contractor is expanding its footprint on the East Coast.

Capstone Communities is planning two cottage-style developments in Daytona Beach, Florida, and Summerville, South Carolina.

The projects are the second and third conventional projects to date for the company. The first was The Cottages at Old Monrovia in Huntsville, which kicked off in spring 2020.

CBI Construction Services, Capstone’s in-house construction entity, broke ground on The Cottages at Daytona Beach in December. The first units on the 30-acre development will be completed in fall 2021, and the full project will be finished in spring 2022.

Capstone will begin construction soon in South Carolina on a 282-unit project at Nexton, a 5,000-acre master planned community located outside the Charleston metro area in Summerville. The development will sit on roughly 27 acres and be adjacent to the planned MUSC Health Community Hospital. The first homes are slated to be delivered in fall 2021 with full completion anticipated in summer 2022.

Nequette Architecture & Design is the lead architect for both projects and CBI Construction Services is the general contractor. Capstone Properties, Capstone’s in-house management division, will begin pre-leasing for both properties in summer 2021.

The Birmingham company is utilizing the cottage concept for all of its developments to capitalize on a “new urbanism” style that is trending nationwide.

“We’ve seen the cottage-style concept prove highly successful in numerous student housing communities we have developed and managed across the country,” said John Acken, executive vice president of development for Capstone Communities. “As we’ve begun introducing this build for rent concept to the multifamily sector, it presents an attractive housing option for individuals in a life transitional phase – whether moving to a new city, preparing to eventually buy a home, or downsizing.”

(Source)