By Krys Merryman
Construction for a build-for-rent multifamily development in North Charleston has begun. The Cottages at Ingleside will be a 260-unit residential community within the master-planned development of Ingleside, which will sit on approximately 25 acres about 15 miles north of downtown Charleston, according to a Capstone Communities news release.
CBI Construction Services, Capstone’s in-house construction entity, is the general contractor for The Cottages. The units are projected to begin pre-leasing during summer 2023. The release said Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced the equity partner for this project.
The company expects to complete the first units by winter 2023 with full completion slated for summer 2024. The development is planned to reflect a "new urbanism" style, featuring sidewalks, pocket parks and open green spaces.
“The Cottages at Ingleside is designed to meet the growing needs of the area’s rapidly expanding industries in automotive, health care and technology,” Shep Nolen, president of CBI Construction, said in the news release. They are expecting the community to see a surge of more than 100 construction jobs through the duration of the project, he said in the release.
Build-for-rent communities are one of the fastest growing trends in the multifamily real estate segment, the release said.
“The Ingleside community has seen high rates of growth over the last three years, and we want to provide the incoming residents with a living option that fosters a true sense of community,” Jim Beatty, Capstone’s vice president of development, said in the release.
The development, which is designed by Alabama-based Nequette Architecture & Design, will offer a mix of lofts, one and two-story cottages, and two-story townhomes with private outdoor yards. Neighborhood amenities include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, a state-of-the-art fitness center, dog park and valet trash.
“We appreciate the opportunity to help Capstone Communities rapidly expand its portfolio of BFR communities throughout the Southeast over the last 12 months,” Kirkpatrick, managing director of Berkadia JV Equity & Structured Capital, said in the release. “These newest communities are evidence of the value of long-term programmatic partnerships between experienced developers and an institutional equity partner.”
The company did not disclose the cost of the project.