An Alabama-based developer has broken ground on a 21-acre low density rental community in Wilmington.
Capstone Communities’ The Cottages at Riverlights is the company’s fourth conventional cottage-style community, AL.com reports. The development is the first project underway in a 120-acre master-planned community, Riverlights, owned by Newland Real Estate.
The Birmingham developer’s in-house construction entity, CBI Construction Services, is the project’s general contractor. Nequette Architecture & Design, also headquartered in Birmingham, is the lead architect.
Capstone is currently building similar build-for-rent (BFR) cottage-style developments across the Southeast in Huntsville, Daytona Beach and Summerville, S.C.
“Since 2007, our team has developed cottages in more than 20 student housing communities across the country and have found this model to be highly successful,” John Acken, executive vice president of Capstone Communities, said in a statement. “As we begin introducing the cottages to the multifamily sector, our goal is to meet the needs of young professionals, empty nesters looking to downsize or new residents to build a true sense of community that can be difficult to create in a traditional apartment setting.”
The communities are developed with sidewalks, pocket parks and open green spaces. Units range from 650 to 1,350 sq. ft. and offer a mix of one, two and three-bedroom cottages, each with its own private, fenced yard, as well as studio lofts and two-story carriage units.