Tue. Jun 6th, 2023

Birmingham-dependent Capstone Communities has broken ground on a 21-acre, small-density multifamily progress in North Carolina.

The Cottages at Riverlights is the company’s fourth regular cottage-design community, situated in Wilmington on 21 acres. The reduced-density, multifamily development is the initially task underway in a 120-acre learn-prepared community, Riverlights, owned by Newland True Estate.

Capstone is at this time under building on identical cottage-design developments throughout the Southeast in Huntsville, Daytona Beach front and Summerville, S.C. The Cottages at Riverlights employs a build-for-rent (BFR) housing design.

“Since 2007, our crew has made cottages in a lot more than 20 university student housing communities across the state and have identified this product to be remarkably effective,” John Acken, executive vice president of Capstone Communities, claimed. “As we commence introducing the cottages to the multifamily sector, our target is to meet up with the requires of youthful specialists, empty nesters hunting to downsize or new people to construct a true feeling of community that can be tricky to develop in a standard apartment placing.”

Developed with sidewalks, pocket parks and open eco-friendly areas, models will range from 650 to 1,350 sq. feet and offer you a combine of a person, two and three-bedroom cottages, each and every with its possess non-public, fenced garden, as very well as studio lofts and two-tale carriage models.

Capstone’s in-household development entity, CBI Design Services, is serving as the common contractor for The Cottages at Riverlights. Development funding is getting furnished by Truist Financial institution. Nequette Architecture & Style, also headquartered in Birmingham, is the guide architect for the venture. Capstone Properties, Capstone’s in-home administration division, will start out pre-leasing in summer 2022.