Berkadia has sourced an equity partner for Capstone Communities to develop The Cottages at Greystone, its first build-for-rent community in the Birmingham, AL area.

A Berkadia team of Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt sourced the equity partner, a fund manager based in Texas.

The Cottages, designed by Birmingham-based Nequette Architecture & Design, will offer a mix of lofts, one and two-story cottages, as well as two-story townhomes including private outdoor yards. The 189-unit, low-density development will incorporate “new urbanism” with sidewalks, pocket parks and open green spaces that create a true sense of place for its residents.

Neighborhood amenities include lush courtyards with pavilions, a central clubhouse with a resort-style pool, fitness and business centers, pet washing stations and valet trash. The Cottages will sit on approximately 30 acres within the Greystone community, just minutes off Highway 280 with access to retail destinations recreational activities and several business parks.