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Capstone Communities Expands to the East Coast

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Capstone Communities is expanding its multifamily portfolio with two low-density cottage communities in Daytona Beach, Florida and Summerville, South Carolina.

Last spring, Capstone launched its first multifamily venture, The Cottages at Old Monrovia in Huntsville. Both of the upcoming projects will follow a similar development approach with a “new urbanism” style featuring cottage homes with sidewalks and pedestrian-friendly amenities.

“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.”

The build-for-rent communities are a growing trend nationwide, with these concepts generating approximately 20-30% rental rate premiums compared to traditional multifamily apartments because of their design and amenity offerings, according to multiple market experts including John Burns Real Estate Consultants.

“The pandemic has caused a mindset shift among renter’s preferences today,” Acken said. “Many people are now finding more value in the space and affordability you can have in low-density suburban areas.”

CBI Construction Services, Capstone’s in-house construction firm, broke ground on The Cottages at Daytona Beach last December. The 30-acre site is located in West Daytona Beach, which has experienced an influx of retail, residential and employment growth in the last few years. The first units will be delivered this fall with the full project completed in spring 2022.

In South Carolina, Capstone will begin the 282-unit project at Nexton, a 5,000-acre master planned community located outside of Charleston in Summerville. The first homes are scheduled to be delivered in fall 2021 with full completion expected in summer 2022.

“Nexton’s partnership with Capstone comes as a growing number of individuals and families are looking for new residential choices that fit their lifestyle,” said Brent Gibaldo, Nexton’s vice president of operations. “Capstone’s development offers single-family rental homes in a suburban environment with amenities and services typically found in more urban settings, all of which are highly desirable right now.”

Capstone Communities, formerly Capstone Collegiate Communities, is a Birmingham-based commercial real estate firm specializing in development, management and construction of student, multifamily and senior housing.

(Source: Business Alabama)

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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


Property NameLocationUnitsYear(s) Delivered
The Cottages of NormanNorman, OK174Summer 2009

New Mexico

Property NameLocationUnitsYear(s) Delivered
The Cottages of The MexicoAlbuquerque, NM162Summer 2014

New Hampshire

Property NameLocationUnitsYear(s) Delivered
The Cottages of DurhamDurham, NH141Summer 2012

North Carolina

Property NameLocationUnitsYear(s) Delivered
The Cottages at RiverlightsWilmington, NC279Winter 2023
Inspire at Royal ParkMatthews, NC204Summer 2022
The Cottages of BooneBoone, NC202Spring 2014


Property NameLocationUnitsYear(s) Delivered
The Arrow Townhomes & FlatsBozeman, MT268Summer 2019


Property NameLocationUnitsYear(s) Delivered
The Cottages of HattiesburgHattiesburg, MS103Summer 2008


Property NameLocationUnitsYear(s) Delivered
The Cottages of ColumbiaColumbiana, MO145Summer 2008


Property NameLocationUnitsYear(s) Delivered
Arlington Cottages & TownhomesBaton Rouge, LA179Summer 2016
The Cottages of Baton RougeBaton Rouge, LA382Summer 2011


Property NameLocationUnitsYear(s) Delivered
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


Property NameLocationUnitsYear(s) Delivered
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


Property NameLocationUnitsYear(s) Delivered
The Cottages at Warner RobinsWarner Robins, GA251Summer 2023
Premiere Lofts at TrilithFayetteville, GA263Summer 2020
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