Myrtle Beach, S.C. – Capstone Communities has begun construction on The Cottages at Myrtle Beach, a 294-unit build-for-rent community situated on approximately 30 acres in the Carolina Forest community along Highway 31. Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, The Cottages are intentionally designed to build community and connection.
“Our goal is to provide an attractive housing option for Myrtle Beach renters – whether young professionals, empty nesters looking to downsize, or newer residents who are getting a feel for the area before buying a home – that creates a true sense of place for everyone we welcome to our community,” said Davis Maxwell, vice president of development for Capstone Communities. “The Cottages are only a short drive to the beach and close to many local attractions and entertainment amenities that make it an ideal location.”
The Cottages at Myrtle Beach represents a rapidly growing “build-for-rent” trend in the multifamily real estate sector. According to industry expert, Brad Hunter, about 64,000 BFR units were built in 2020 with an additional 80,000 planned for 2021 (The Business Journals). With many residents rethinking the way they live as a result of COVID-19 and the current state of the housing market, build-for-rent communities provide renters with a unique housing option offering space and flexibility with apartment-like amenities.
The Cottages will feature a mix of single-story and two-story cottages, each with its own private fenced yard, as well as a centralized clubhouse and a resort-style pool. Each cottage will include nine-to-12-foot ceilings, quartz countertops, stainless steel appliances, wood-grain flooring, in-unit washers and dryers, a state-of-the-art technology package, 24/7 on-call maintenance and optional enclosed garage parking.
“With a rapidly expanding economy and wealth of robust industries including healthcare, tech, manufacturing and aerospace, Myrtle Beach offers an attractive economic climate for our cottage community to thrive,” said Shep Nolen, president of CBI Construction Services. “We look forward to supporting the city’s continued growth by introducing nearly 100-120 local construction jobs.”
The Cottages at Myrtle Beach marks Capstone’s sixth conventional project to date, with similar cottage-style developments currently under construction in Huntsville, Alabama; Daytona Beach, Florida; Summerville, South Carolina; Wilmington, North Carolina and Port St. Lucie, Florida.
Berkadia JV Equity & Structured Capital secured the capital partner for this project. Nequette Architecture & Design is the lead architect and CBI Construction Services is the general contractor. Capstone Properties, Capstone’s in-house management division, will begin pre-leasing Summer 2022.
For more information, visit www.capstone-communities.com.
About Capstone Communities
Capstone Communities is a Birmingham-based commercial real estate firm specializing in development, management and construction of student and multifamily housing. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, an active and experienced 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. Capstone Communities has recently introduced its conventional cottage-style development program to the multifamily sector and is currently under construction on several properties across the Southeast in Alabama, South Carolina, North Carolina and Florida. For more information, visit capstone-communities.com.
