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Capstone Secures Equity Partner for Birmingham BFR Development

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Capstone Communities has found an equity partner for The Cottages at Greystone, a 189-unit BFR development in Birmingham, Ala. Berkadia arranged the partnership between the firm and a fund manager based in Texas.

Construction will begin in May, with the first units expected to be delivered by the summer of 2023. A full completion of the project is scheduled for the end of next year.

The firm has seven other BFR projects underway across the Southeast, including Port St. Lucie, Fla., Myrtle Beach, S.C., and Warner Robins, Ga.

Spanning 30 acres, the community will comprise lofts, one- and two-story cottages and two-story townhouses with private yards. Units will be equipped with wood-grain flooring, in-unit laundry facilities, on-call maintenance and garage parking. Common-are amenities will include a clubhouse, a swimming pool, a business center, a fitness center and pet washing stations. Nequette Architecture & Design is the project’s architect.

Located at 7273 Cahaba Valley Road, the development will be within a mile of Walmart Supercenter and various dining options along Cahaba Valley Road. Highway 280 is one mile south of the property, connecting it to the center of Birmingham and multiple employment hubs.

Managing Directors Cody Kirkpatrick and Noam Franklin, alongside Senior Managing Director Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced the equity partner. At the end of last year, the team arranged the joint venture equity for SB Real Estate Partners’ acquisition of Russell Apartments, a 241-unit asset in Las Vegas.

(Source: Multi-Housing News)

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Texas

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

Oklahoma

*DENOTES PROPERTIES CURRENTLY UNDER MANAGEMENT
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

Montana

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

Mississippi

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

Missouri

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

Lousiana

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

Florida

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

Colorado

Property NameLocationUnitsYear(s) Delivered
The Cottages of Fort CollinsFort Collins, CO202Summer 2018

Arizona

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

Alabama

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

Georgia

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