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.
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