By Krys Merryman
Construction has begun on a multi-family rental development in North Charleston. The Cottages in Ingleside will be a 260-unit residential community as part of the planned Ingleside development, which will span approximately 25 acres approximately 15 miles north of downtown Charleston, according to a press release from Capstone Communities.
CBI Construction Services, Capstone’s in-house construction entity, is the general contractor for The Cottages. The units are expected to begin pre-letting in the summer of 2023. The release says Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital have found the financial partner for this project.
The company expects to complete the first units by winter 2023 with full completion expected by summer 2024. The development is expected to reflect a “new urbanism” style, with sidewalks, pocket parks and open green spaces.
“The Cottages in Ingleside are designed to meet the growing needs of the region’s rapidly expanding automotive, healthcare and technology industries,” said Shep Nolen, president of CBI Construction, in the Press release. They expect the community to see an increase of more than 100 construction jobs over the life of the project, he said in the statement.
Building-to-let communities are one of the fastest growing trends in the multifamily real estate segment, according to the release.
“The Ingleside community has experienced high growth rates over the past three years, and we want to provide new residents with a living option that fosters a real sense of community,” said Jim Beatty, vice president of the Capstone development, in the release. .
The development, which is being designed by Alabama-based Nequette Architecture & Design, will offer a mix of lofts, one- and two-story cottages, and two-story townhouses with private outdoor courtyards. Neighborhood amenities include courtyards with pavilions and grilling stations, a central clubhouse with a resort-style pool, state-of-the-art fitness center, dog park, and valet bin.
“We appreciate the opportunity to help Capstone Communities rapidly expand its portfolio of BFR communities throughout the Southeast over the past 12 months,” Kirkpatrick, managing director of Berkadia JV Equity & Structured Capital, said in the release. . “These newest communities are a testament to the value of long-term programmatic partnerships between experienced developers and an institutional partner.”
The company did not disclose the cost of the project.