A rental dwelling community is underway at Riverlights, the 1,400-acre master prepared community on River Highway in Wilmington.
The job, The Cottages at Riverlights, will hold 279 homes for rent and is a partnership between Riverlights and Birmingham-primarily based Capstone Communities, a information release stated.
Design on The Cottages at Riverlights commenced in early August with the initially households expected to be delivered in late 2022, in accordance to the release.
The 21-acre neighborhood is the first task in a 120-acre blended-use village at the southern entrance of Riverlights.
Nick Cassala, vice president of functions for Riverlights, stated in the release that bringing the create-for-hire concept to Wilmington “fills an essential niche for numerous in today’s real estate market place, when incorporating to Riverlights’ numerous household choices. We foresee The Cottages at Riverlights will be house to youthful gurus, customers awaiting a residence underneath development, vacant nesters and family members hunting for an unbiased house for relations.”
In addition to that includes sidewalks, pocket parks and environmentally friendly areas, The Cottages will offer a mix of a single-, two- and 3-bedroom cottages, every with a fenced property, as nicely as studio lofts and two-story carriage units.
“The properties will vary from 650 to 1,350 sq. feet and involve 9- to 12-foot ceilings, quartz countertops, wood-grain flooring, in-device washers and dryers, a sensible house technological know-how offer, 24/7 on-get in touch with routine maintenance and optional enclosed garage parking,” the launch mentioned.
Community facilities are envisioned to include courtyards with pavilions and grill stations, a clubhouse with a resort-model pool, a health middle, a pet dog park and valet trash.
In accordance to the release, Capstone has identical cottage-model developments on the way in Huntsville, Alabama Daytona Beach, Florida and at Nexton in Summerville, South Carolina, a further Newland master-planned group.
“Since 2007, our team has created cottages in much more than 20 pupil housing communities throughout the place and have identified this product to be very thriving,” reported John Acken, govt vice president of Capstone Communities, in the release.
Capstone’s in-residence development entity, CBI Building Companies, is the general contractor for The Cottages at Riverlights, the release mentioned. Development financing is getting presented by Truist Lender and Nequette Architecture & Design, in Birmingham, is the direct architect for the task.
Capstone Attributes, Capstone’s in-house management division, is expected to start off pre-leasing in the summer season of 2022.
Rental homes are in substantial demand from customers in the Wilmington area, and the build-for-rent concept is a developing trend.
Acken stated in the launch, “As we start off introducing the cottages to the multifamily sector, our aim is to meet the demands of Wilmington renters and develop a correct sense of group that is contrary to a classic condominium placing. Our staff at Capstone sees fantastic potential in the location and looks forward to contributing to Wilmington’s developing financial system.”