BIRMINGHAM, Ala. – Capstone Communities, formerly Capstone Collegiate Communities, in partnership with OG Capital, officially broke ground this week on The Cottages at Old Monrovia, a low-density multifamily development that will occupy more than 25 acres on Old Monrovia Road. Expected to be fully complete in 2021, the expansive property will consist of 275 units developed with a “new urbanism” style to primarily attract young professionals, new Huntsville residents and empty-nesters who may be looking to downsize.
“Our goal is to build a unique community and true sense of place at The Cottages,” said John Acken, executive vice president of development for Capstone Communities. “With plenty of sidewalks, pedestrian features and open green spaces, we want to create a safe and walkable community where residents can look forward to spending time outside enjoying cookouts, hosting community events and connecting with their neighbors.”
The Cottages at Old Monrovia will predominately feature single-story attached homes, each with its own private, fenced yard, as well as a mix of lofts and two-story townhomes. Other resident amenities include nine to 12-foot ceilings, granite countertops, wood-grain flooring, in-unit washers and dryers, a smart home technology package, state-of-the-art fitness center, resort-style pool, centralized clubhouse, dog park, electric car charging stations, car care center, pet spa, 24/7 on-call maintenance and optional enclosed garage parking.
Located seven miles west of downtown Huntsville, The Cottages at Old Monrovia are situated near several areas booming with economic activity throughout the Rocket City, including Cummings Research Park, Redstone Arsenal, the University of Alabama at Huntsville and the up-and-coming MidCity District, making it an ideal location for the Huntsville’s rapidly expanding workforce to call home. According to Capstone Communities leadership, the company will bring an estimated 100-120 temporary and permanent jobs to the region in construction and management.
“Huntsville is exploding right now with a surge of innovation and economic growth,” said Shep Nolen, president of CBI Construction Services, Capstone Communities’ in-house construction entity that will serve as the general contractor for the project. “We’re thrilled to enter such a promising market and support the city’s economic development efforts by creating additional jobs as Huntsville prepares for its next chapter of growth.”
The Cottages at Old Monrovia is a joint development project between Capstone Communities and OG Capital, a Birmingham-based commercial real estate firm with 18+ years of experience in the multifamily sector. According to OG Capital Principal David Oakley, the single-family style rental product has proven successful in other markets with 50% faster lease-up periods and 20% greater resident retention when compared to garden-style apartments.
“I first noticed this cottage concept out west a few years ago and grew to love it,” said Oakley. “Apartment living doesn’t have to mean stairs and elevators. The cottage style product meets the market by providing residents with the features they value most – private backyards, high ceilings and in-home tech packages – to name a few.”
Together, both companies will leverage their combined expertise to bring this unique cottage concept to the Huntsville area.
“After OG Capital identified the site for a cottage product, we knew Capstone would be an excellent partner based on their proven track record of cottage building and development throughout the U.S,” added Oakley.
Nequette Architecture & Design, also headquartered in Birmingham, will serve as the lead architect for the project. Capstone Properties, the in-house management company for Capstone Communities, will begin leasing efforts in Fall 2020. Construction financing is being provided by Trustmark National Bank and Renasant Bank.
The delivery of the first units are expected in March 2021 with the full completion slated for September 2021. For more information, visit www.capstonecollegiatecommunities.com.
About Capstone Communities
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. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, the most active and experienced developer of student housing in the country 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 carries on Capstone Development’s legacy in the student housing industry while also focusing on the conventional multifamily and senior living sectors. For more information, visit www.capstonecollegiatecommunities.com.
About OG Capital
OG Capital is a private equity real estate investment firm specializing in the acquisition and re-positioning of existing multi-family properties throughout the Southern United States. As an owner-operator, our team repositions physically distressed and under-managed properties. Its principal, David Oakley, has transacted in excess of $6 billion in multi-family real estate over his 18-year career in the industry.
