Capstone Building Corp. has broken ground on a $40.1 million apartment complex in Huntsville that the developer describes as the kind of “modern, high-end apartment style living” that a Rocket City deserves, including “smart” amenities that more technologically savvy renters increasingly demand.
The lessors of the 258 units of The Alexandria Apartments can expect electric vehicle charging stations, cold storage lockers for grocery deliveries and a fitness center with “programs focused on 360-degree whole health.”
The 338,792-square-foot project also comes with five garage buildings, a leasing office, maintenance building, dog park, carwash, pool and grilling pavilion.
The developer is Bobo Development Group LLC, based in Florence.
“Capstone Building Corp. is proud to play a role in this modern, high-end apartment style living in Huntsville,” says Jay Chapman, president and CEO of Capstone. “This project has been in the works for a while, and we’re excited to see all of the progress and growth this will bring to the Madison and Huntsville communities.”
You can expect more of this kind of apartment construction, and it’s not just younger generations that are driving the market, says Michael Hendrickson, vice president of preconstruction and estimating at Capstone.
“The demand comes from both older people to the millennials. They are wanting more efficient and greener. People do care. In some markets, they will pay more for things like smart door locks and wifi-controlled thermostats, as commonly as they expect doorbells,” says Hendrickson.
Certain geographical markets are seeing these trends first, says Chapman, but expect the trend to become much more widespread. “It’s picking up momentum, because people expect them and because they are becoming more affordable.”
The Alexandria Apartments are located about 750 feet west of Madison Medical Park on Balch Road.
Capstone, headquartered in Birmingham, is a specialist in multifamily construction and has completed over 111 projects in 22 states valued at more than $1.7 billion.