DAYTONA BEACH, Fla. – Capstone Communities celebrated the opening of Daytona’s first build-for-rent community, The Cottages at Daytona Beach, which will provide flexible housing options for prospective individual and family renters. This low-density multifamily development sits on 30 acres of land off I-95, just north of the Tomoka Town Center in the booming area of West Daytona Beach.
Daytona Beach Zone 4 City Commissioner Stacy Cantu, City Manager Deric Feacher and members of The Daytona Regional Chamber of Commerce attended the ribbon cutting ceremony yesterday to celebrate the economic impact The Cottages will have on the area.
“We are thrilled Capstone Communities has officially opened its first rental-home community in Daytona Beach,” said Cantu. “With 283 new dwelling units, The Cottages have attracted young professionals, empty nesters and many others coming to Daytona Beach who chose to rent. We are proud to welcome these much-needed living spaces for residents in Daytona Beach.”
Construction on The Cottages began in December 2020 with full completion expected before the end of the year. Incorporating a “new urbanism” style, the 283-unit development includes sidewalks, pocket parks and open green spaces that create a true sense of place for its residents.
“Our goal with each cottage-style development is to create a sense of community unlike what you would normally find in a traditional apartment setting,” said Davis Maxwell, vice president of development for Capstone Communities. “Cottage-style living is perfect for people who want the space and privacy of a house with the amenities and convenience of an apartment.”
Designed by Birmingham-based Nequette Architecture & Design, The Cottages offers a mix of lofts and one- and two-story cottages each with a private outdoor yard and patio. Units 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, state-of-the-art fitness center, dog park and valet trash.
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).
“Capstone Communities entered the multifamily sector at the perfect time, just as the build-for-rent movement began to take off,” Hunter said. “Millennials are the driving force behind the BFR housing demand, as many are moving to the suburbs for more space, yards or quality school districts. With today’s housing market, owning a home is often out of reach for young families, which makes renting cottage-style communities like we see here in Daytona Beach a great alternative. Non-family renters, especially dog owners, have shown equal enthusiasm for BFR communities as fenced backyards are a major draw.”
Capstone recently completed a similar cottage-style development in Huntsville, Alabama and is currently under construction on several BFR communities across the Southeast in Summerville, South Carolina; Wilmington, North Carolina; Port St. Lucie, Florida; Myrtle Beach, South Carolina; and Warner Robins, Georgia.
CBI Construction Services, Capstone’s in-house construction entity, is serving as the general contractor for The Cottages at Daytona Beach, and Capstone Properties, Capstone’s in-house management division, is serving as the leasing and property management team.
For more information, please visit capstone-communities.com.
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 2017, 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.
