Capstone Communities plans to start work in May on a build-for-rent cottage-style community planned for 30 acres in the Greystone area off Highway 280 in Birmingham.
The 189-unit development will include lofts, one- and two-story cottages and two-story townhomes with yards, pocket parks sidewalks and green spaces.
The first units should be ready in summer 2023 and the development should be complete by the end of 2023, the company says.
Although Capstone, which began business building student housing, now has seven build-to-rent projects in progress, including one in Huntsville, this will be the first in Birmingham, where the company headquarters are located.
“Birmingham is not only our hometown but the centerpiece of a thriving region and state that embraces the spirit of innovation, progress and growth,” said Jim Beatty, vice president — development for Capstone Communities. “We are proud to bring our build-for-rent cottage concept, which has proved tremendously successful in other markets, closer to home and provide a premium housing option for Birmingham residents looking to rent instead of buy.”
Birmingham’s Nequette Architecture & Design has developed plans for the project.
“Our goal is always to create a distinctive design and collaborative community in everything we do,” said Louis Nequette, founder and chief architect of Nequette Architecture & Design. “After partnering with Capstone for nearly 20 years and designing more than 30 cottage communities across the country, it’s a pleasure to showcase one of our latest designs here in our own backyard.”
Capstone’s building arm, CBI Construction Services, is general contractor for the project, and Berkadia JV Equity & Structured Capital arranged the equity partner.