Capstone Communities, in partnership with OG Capital, has broken ground on The Cottages at Old Monrovia, a low-density multifamily development on 25 acres in Huntsville.
Expected to be complete in September 2021, the property will consist of 275 units developed with a new urbanism style to attract primarily young professionals, new Huntsville residents and individuals looking to downsize.
“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,” said John Acken, executive vice president of development for Capstone Communities.
The Cottages at Old Monrovia, located west of downtown Huntsville, will include single-story attached homes, each with its own private, fenced yard, as well as a mix of lofts and two-story townhomes. Inside, the homes will feature smart home technology, granite countertops, nine to 12-foot ceilings and more. The property will also include a fitness center, resort-style pool, centralized clubhouse, dog park, electric car charging stations, car care center, pet spa, on-call maintenance and optional enclosed garage parking.
“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 on 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 between Capstone Communities and OG Capital, a Birmingham-based commercial real estate firm. According to OG Capital Principal David Oakley, the single-family style rental product has proven successful in other markets with 50 percent faster lease-up periods and 20 percent 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 features they value most — private backyards, high ceilings and in-home tech packages — to name a few.”
Nequette Architecture & Design, of 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 was provided by Trustmark National Bank and Renasant Bank.