CHARLESTON, S.C. – Capstone Communities has begun construction on The Cottages at Ingleside, a build-for-rent (BFR) development within the master-planned community of Ingleside in North Charleston. This low-density multifamily development will sit on approximately 25 acres just 15 miles north of downtown Charleston.
Construction on The Cottages will begin Fall 2022, with its first units scheduled to be delivered by Winter 2023 and full completion Summer 2024. Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, this 260-unit community is designed intentionally to create a true sense of place for its residents.
“The Ingleside community has seen high rates of growth over the last three years, and we want to provide the incoming residents with a living option that fosters a true sense of community,” said Jim Beatty, Capstone’s vice president of development. “We envision The Cottages to be a thriving community where residents can enjoy easy access to their home, work, shopping, entertainment, nature and more.”
Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of lofts, one and two-story cottages, as well as two-story townhomes with each having private outdoor yards. The Cottages will include nine 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.
Ingleside has emerged as a desirable destination because of its proximity to the coast and downtown Charleston and a growing workforce.
“The Cottages at Ingleside is designed to meet the growing needs of the area’s rapidly expanding industries in automotive, healthcare and technology,” said Shep Nolen, president of Capstone’s in-house construction entity, CBI Construction Services. “We are expecting the community to see an influx of 100+ construction jobs added to the area throughout the duration of the project, further contributing to the community’s growth.”
Capstone currently has similar BFR projects under construction in South Carolina – one within the award-winning master-planned community of Nexton (Summerville) and another in Myrtle Beach. Outside of South Carolina, Capstone’s BFR footprint stretches across the Southeast with five more communities under development in Georgia, Alabama, North Carolina and Florida.
CBI Construction Services is serving as the general contractor for The Cottages at Ingleside, and Capstone Properties, Capstone’s in-house management division, will begin pre-leasing in Summer 2023. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced the equity partner for this project.
“We appreciate the opportunity to help Capstone Communities rapidly expand its portfolio of BFR communities throughout the Southeast over the last 12 months,” said Kirkpatrick, managing director of Berkadia JV Equity & Structured Capital. “These newest communities are evidence of the value of long-term programmatic partnerships between experienced developers and an institutional equity partner. Among a variety of capital providers, we were able to identify an equity partner whose values and goals aligned with Capstone’s, allowing them to execute on these transactions with speed and confidence in an otherwise volatile market.”
About the Build-for-Rent Concept
Build-for-rent communities are one of the fastest growing trends in the multifamily real estate segment. According to industry expert, Brad Hunter, about 100,000 BFR units were built in 2021 with an estimated 120,000 units to be built in 2022. Hunter sees this trend eventually surpassing 200,000 new-construction units per year (Hunter Housing Economics).
About Capstone Communities
Capstone Communities is a Birmingham-based real estate firm specializing in development, management and construction of student housing, multifamily and town centers. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, a nationally renowned student housing developer for more than 21 years with a portfolio that included 118 communities across 31 states, 58,000 beds and $2.7 billion project costs.
In 2018, Capstone expanded to the multifamily sector at the forefront of the build-for-rent movement with the introduction of its cottage-style development program. Today, with a mission to be an innovative company dedicated to serving people, building community and delivering exceptional experiences that stand the test of time, Capstone’s growing project footprint now stretches across the Southeast with build-for-rent communities under construction in Alabama, Georgia, Florida, South Carolina and North Carolina. For more information, visit capstone-communities.com.
