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Capstone Communities Breaks Ground on Villas at Old Monrovia

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Currently, built-for-rent homes make up just 6% of new homes built in the U.S. every year.

However, according to real estate consulting firm Hunter Housing Economics, that number is expected to double by 2024. And banks and private investment are expected to put down $40 billion more than large homebuilders will spend to make it happen for the rental market over the next 18 months.

An estimated 100,000 rental units were built in 2021. Another 120,000 rental properties will be built next year to meet this demand. The trend is likely to surpass 200,000 new-construction units per year in 2023.

And Capstone Communities is building just that type of development here in Huntsville.

Located on about 30 acres south of the one-year-old Cottages at Old Monrovia, construction began this week on Phase II, the Villas at Old Monrovia. Both developments are off Research Park Boulevard near MidCity.

“Our first cottage development in Huntsville – The Cottages at Old Monrovia – leased up quickly and demonstrated Huntsville’s strong demand for this high-quality, flexible housing product,” said Jim Beatty, Capstone’s vice president of Development. “Huntsville’s booming population growth is a glowing representation of its strong economic foundation, and we’re excited for the opportunity to continue creating communities in Alabama’s largest city on the rise.”

The Villas at Old Monrovia is a 276-unit multifamily development with a mix of lofts, one- and two-story cottages, and two-story townhomes.

The low-density multifamily community is designed with a “new urbanism” style that will attract young professionals, empty-nesters and others to the growing area.

The Villas and the Cottages feature sidewalks, private yards, pocket parks and open green spaces.

Designed by Birmingham-based Nequette Architecture & Design, the Villas will include 9-foot to 12-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart home technology package, 24/7 on-call maintenance and optional enclosed garage parking.

Neighborhood amenities include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, a state-of-the-art fitness center, dog park and valet trash.

“The Villas at Old Monrovia – and each of our cottage communities – is designed and built with the community’s evolving needs top of mind,” said Shep Nolen, president of Capstone’s in-house construction entity, CBI Construction Services. “The Villas are only a three-minute drive to some of Huntsville’s major employment hubs, including Cummings Research Park and Redstone Arsenal, which will offer a convenient option for the Rocket City’s expanding workforce to call home.”

Pre-leasing begins next spring with the first units expected to be completed in fall 2023 with full completion in spring 2024.

(Source: 256 Today)

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Property NameLocationUnitsYear(s) Delivered
Capstone Cottages of LubbockLubbock, TX214Summer 2017
The Junction Cottages & TownhomesCollege Station, TX186Summer 2016
Capstone Cottages of San MarcosSan Marcos, TX194Summer 2014
The Cottages of College Station, Phase I & IICollege Station, TX369Summer 2012
The Cottages of LubbockLubbock, TX241Summer 2009

South Carolina

Property NameLocationUnitsYear(s) Delivered
The Cottages at InglesideNorth Charleston, SC260Winter 2024
The Cottages at Myrtle BeachMyrtle Beach, SC294Fall 2023
The Villas at NextonSummerville, SC276Winter 2022
The Retreat of ClemsonClemson, SC552007


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The Cottages of NormanNorman, OK174Summer 2009

New Mexico

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The Cottages of The MexicoAlbuquerque, NM162Summer 2014

New Hampshire

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North Carolina

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Inspire at Royal ParkMatthews, NC204Summer 2022
The Cottages of BooneBoone, NC202Spring 2014


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The Arrow Townhomes & FlatsBozeman, MT268Summer 2019


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The Cottages of HattiesburgHattiesburg, MS103Summer 2008


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The Cottages of ColumbiaColumbiana, MO145Summer 2008


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Arlington Cottages & TownhomesBaton Rouge, LA179Summer 2016
The Cottages of Baton RougeBaton Rouge, LA382Summer 2011


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The Cottages at Cypress CayTampa, FL198Spring 2024
The Cottages at TraditionPort St. Lucie, FL286Winter 2023
Primrose ResidencesSanta Rosa Beach, FL288Winter 2022
The Cottages at Daytona BeachDaytona Beach, FL283Fall 2022
Brisa ResidencesSt. Johns County, FL256Summer 2020
Beacon ResidencesNew Smyrna Beach, FL253Summer 2020
Cottage Grove at GainesvilleGainesville, FL84Summer 2008


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The Cottages of Fort CollinsFort Collins, CO202Summer 2018


Property NameLocationUnitsYear(s) Delivered
The Cottages of TempeTempe, AZ121Summer 2015


Property NameLocationUnitsYear(s) Delivered
The Cottages at GreystoneHuntsville, AL189Spring 2024
The Villas at Old MonroviaHuntsville, AL276Spring 2024
Artisan FlatsBirmingham, AL120Spring 2024
The Cottages at Old MonroviaHuntsville, AL272Winter 2021
Creekside of AuburnAuburn, AL360Fall 2007


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The Cottages at Warner RobinsWarner Robins, GA251Summer 2023
Premiere Lofts at TrilithFayetteville, GA263Summer 2020
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