What Capstone Communities does

Capstone Communities is a Birmingham, Alabama-based, privately held real estate firm (formed January 2012 through the restructuring of Capstone Development, itself founded by Mike Mouron in 1990) that develops, constructs, and manages student housing, multifamily, and mixed-use town-center communities. The company built its national reputation as a leading off-campus student housing developer (portfolio historically cited at 118 communities, 58,000 beds, and $2.7 billion in project costs across 31 states) and, beginning in 2017, pivoted its growth engine toward the conventional multifamily build-for-rent (BFR) sector via a proprietary cottage-style development program. Its current BFR footprint spans the Southeast — Alabama, Georgia, Florida, South Carolina, and North Carolina — with roughly 11 communities open or under construction.

The company's core product is low-density, cottage-style single-family rental housing built on new-urbanism design principles: private fenced yards, nine-to-12-foot ceilings, wood-grain flooring, smart-home technology packages, and apartment-style amenities (pools, fitness centers, clubhouses) integrated with sidewalks, pocket parks, and mixed-use town centers. Individual communities (e.g., The Cottages at Myrtle Beach, Old Monrovia, Warner Robins, Riverlights, Tradition, Greystone, Cypress Cay; The Villas at Nexton) typically range from ~250 to ~294 units. Capstone is fully vertically integrated, operating in-house construction (CBI Construction Services, established 2005; also Cottages Builders Inc.) and property management/leasing (Capstone Properties) divisions.

Capstone monetizes through three streams: recurring rental income (cottage units renting from roughly $1,280 to $2,500 per month), development and general-contracting/construction-management services via CBI, and ongoing property-management fees via Capstone Properties. Go-to-market is direct-to-consumer through on-site leasing offices and its website, supplemented by co-development partnerships with master-planned community operators (Brookfield Properties, Newland, NASH) and capital partners (Berkadia JV Equity & Structured Capital, OG Capital). Target segments include college students, young professionals/first-time renters, empty nesters/retirees, and demand anchors such as military personnel (Robins Air Force Base) and large employers (Boeing, Volvo, Mercedes-Benz Vans, MUSC Health).

Name

Capstone Communities

Legal name

Capstone Communities

Website

https://capstone-communities.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

51–100 employees

Short description

Capstone Communities is a vertically integrated, Birmingham-based real estate firm that develops, builds, and manages cottage-style build-for-rent and student housing communities across the U.S. Southeast, serving renters, young professionals, empty nesters, and students.

Ownership category

akta.pro rank

Headquarters

HQ city

Birmingham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Rental Income: Capstone Communities generates revenue through leasing cottage-style rental units to residents. The company manages both student housing and conventional multifamily/build-for-rent communities, collecting monthly rent payments.
2. Development and Construction Services: Through their in-house CBI Construction Services division, the company provides general contracting, program management, cost estimating, material procurement, and construction management services for their own developments and potentially external clients.
3. Property Management: Capstone Properties, the in-house management division, provides leasing and property management services for their communities, generating ongoing management fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Capstone Communities is a vertically integrated real estate development company that develops, constructs, and manages cottage-style student housing and build-for-rent multifamily communities across the Southeast US. The company operates through three integrated divisions: Development (project acquisition to delivery), Construction (via CBI Construction Services), and Property Management (via Capstone Properties), with primary product lines being The Cottages (cottage-style build-for-rent homes) and the Inspire student housing brand near major universities.

Product overview

Capstone Communities is an innovative real estate development company offering three core service lines: Development (overseeing projects from acquisition to delivery), Construction (via CBI Construction Services, established 2005), and Management (via Capstone Properties). The company operates two primary housing categories: Student Housing (with the Inspire brand featuring award-winning communities near universities) and Multifamily Housing (including the Cottage-style Build-to-Rent program offering single-family rental homes with private yards). The portfolio also includes mixed-use town centers. Key product lines include The Cottages (cottage communities), The Villas (multifamily developments), The Lofts, and The Lodges. The company expanded into multifamily build-to-rent in 2017 after building its reputation as a national student housing leader since 1990, with current footprint spanning the Southeast.

Differentiator

Problem solved

Functional benefit

Brands

• The Arrow Townhomes and Flats: Student housing community in Bozeman, Montana for students at Montana State University
• Inspire on 22nd
• Inspire Atlanta
• The Cottages at Greystone
• The Cottages at Cypress Cay
• The Cottages at Riverlights
• The Cottages Tradition
• The Cottages at Myrtle Beach
• The Villas at Nexton
• The Junction
• The Cottages of Fort Collins

Products and services

• Build-to-Rent Cottage Communities (The Cottages) Cottage-style build-for-rent rental communities offering single-family homes with private fenced yards, 9-12-foot ceilings, wood-grain flooring, smart home technology, and apartment-grade amenities (resort-style pools, fitness centers, clubhouses). Targeted at young professionals, empty nesters, families, and military personnel seeking space and privacy without homeownership commitment. Unit sizes range from approximately 650 to 1,350 sq ft with one to three-bedroom configurations; rents typically range from $1,280 to $2,500 per month.
• Off-Campus Student Housing (Inspire brand and The Cottages student housing) High-quality off-campus student housing developments near major colleges and universities, including fully furnished units ranging from studios to five-bedrooms with private and shared bath options, flexible lease terms, and academic-focused amenities. The Inspire brand represents the premium student housing portfolio, including Inspire Atlanta (239 units, 750 beds near Georgia Tech) which won Multifamily Executive's 2023 Student Project of the Year.
• Real Estate Development Services End-to-end real estate development services for conventional and student housing, overseeing projects from acquisition through delivery including pre-development due diligence, financing coordination, design management, construction oversight, and project delivery. Capstone has historically developed 118 communities with $2.7 billion in project costs and 58,000 beds.
• Construction Services (CBI Construction Services)

Quantifiable outcome

• Build-for-rent communities achieve 50% faster lease-up periods compared to garden-style apartments
• +5 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Brookfield PropertiescoreStrategic or Co-development Partner · 9 November 2023Brookfield Properties manages the Riverlights master-planned community in Wilmington, NC where Capstone developed The Cottages at Riverlights. They also co-manage the Nexton community with Newland. Brookfield is a leading global developer and operator of high-quality real estate assets.
• Nequette Architecture & DesigncoreTechnology or IntegrationBirmingham-based architecture firm serves as lead architect for most Capstone developments. Has designed over 30 cottage communities across the country in partnership with Capstone spanning nearly 20 years.
• Newland CommunitiescoreStrategic or Co-development PartnerNewland Communities develops master-planned communities including Nexton in South Carolina where Capstone built The Villas at Nexton. Newland manages communities across 11 states.
• North America Sekisui House (NASH)coreStrategic or Co-development PartnerNASH owns Nexton and partners with Newland on master-planned community development. They share commitment to sustainable development practices.
• Hoar ConstructionminorImplementation/ SI/ Consulting PartnerHoar Construction, based in Birmingham, Alabama, built and delivered Inspire Atlanta in August 2021.
• Glenwood (Autism and Behavioral Center)minorOthersBirmingham non-profit providing services for children and adults impacted by autism. Capstone built three Hope Cottages for Glenwood's residents, a $2 million project funded through donations.
• Peritus PRminorGTM or Marketing PartnerPublic relations firm that has worked with Capstone for several years and led the mission statement development process, including interviewing team members and facilitating workshops.
• Niles Bolton AssociatescoreTechnology or IntegrationAtlanta-based architecture firm ranked as nation's #1 student housing designer. Designed Inspire Atlanta and other Capstone projects. 150-person firm with offices in Atlanta and Alexandria, Virginia.

Scale indicators20 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Tricon Residential: Single-family rental operator and developer with ~38,000 homes and active BFR development program, including in Southeast US. Comparable to Capstone's BFR thesis though Tricon is publicly traded and uses institutional SFR/SFH supply at greater scale.
• Invitation Homes: Largest single-family rental operator in the US with ~80,000 homes. Closest direct peer to Capstone's BFR model with significant Sun Belt exposure, though Invitation Homes primarily acquires existing homes while Capstone develops new-build cottage communities.
• American Homes 4 Rent: Largest publicly-traded build-for-rent / single-family rental REIT with ~60,000 homes. Directly comparable to Capstone on BFR product strategy, though at much larger national scale and with a public cost-of-capital advantage.
• Crescent Communities: Southeast US real estate developer with multifamily, BFR, and master-planned community products. Closely comparable to Capstone on regional Southeast focus, single-family rental communities, and master-planned community partnerships.
• Freehold Communities: Master-planned community developer active in the Southeast with BFR cottage-style product offerings. Comparable to Capstone on master-planned community positioning and cottage-style BFR development within Brookfield/Newland-style planned communities.
• CoreSpaces: National student housing developer and operator with high-amenity communities near major universities. Directly comparable to Capstone's student housing segment (Inspire Atlanta, Inspire on 22nd, The Arrow) and shares the design-led, amenity-rich positioning.
• Pretium Partners: Alternative investment manager focused on single-family rental and build-for-rent, with significant BFR development programs. Comparable to Capstone on BFR development strategy and JV-capital structure, though Pretium operates at institutional scale.

Broad incumbents

• Toll Brothers: Luxury for-sale homebuilder with growing Toll Brothers Apartment Living BFR/multifamily development arm. Comparable to Capstone on the residential construction and BFR development side, though Toll Brothers' core business is for-sale single-family homes.
• Greystar: World's largest multifamily property manager and developer with broad multifamily and student housing exposure. Comparable to Capstone on property management and multifamily development at a much larger, more diversified scale across multiple product types.
• Lincoln Property Company: National multifamily developer, owner, and manager with deep third-party management platform. Comparable to Capstone on integrated multifamily development and management, though Lincoln operates at much broader geographic and product scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/CapstoneCommunites
• LinkedInlinkedin.com/company/capstone-collegiate-communities-llc
• Instagraminstagram.com/capstone_communities

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capstone Communities