Capstone and Boaz Achieve Financial Close and Commence Construction of a New Housing Community Located Adjacent to the University of Alabama Huntsville
Capstone Development Partners (www.capdevpartners.com) (“Capstone”) and Boaz Ventures, have reached financial close for a new, $60M purpose-built housing community located adjacent to the University of Alabama Huntsville (“UAH”) campus along Holmes Avenue. The new community will be located at 4315 Holmes Avenue NW in Huntsville, next to the UAH Campus Recreation Center.
Named Nexus on Holmes (“Nexus”), the new 4-story 249-unit, 239,000 SF student housing community is envisioned to house upper-division undergraduate and graduate students, University faculty and staff, and others, in a mix of 4BR / 4 BA, 2BR / 2BA and 1 BR furnished apartments. The project will provide indoor and outdoor amenities for residents, including two courtyards, an outdoor pool and BBQ grilling area, as well as a community kitchen, TV lounge, multi-purpose room and quiet study lounges. Parking will be provided for residents in surface lots adjacent to the new housing community, on land that is being leased from UAH.
Proximity and convenience to UAH, and rental rate affordability are key goals for the project, with the new community offering its residents a dynamic location providing easy walkability to campus, a variety of unit types, and modern amenities. Nexus will feature ample green space, pedestrian connectivity to the UAH campus, and for non-related UAH residents, proximity to Cummings Research Park, Redstone Arsenal, MidCity, Bridge Street, and downtown Huntsville.
Nexus is being co-developed by Capstone Development Partners of Birmingham, AL and Boaz Ventures of Huntsville, AL. The project is being constructed by Fite Building Company and was designed by Williams Blackstock Architects. The project is located in a designated opportunity zone, and OPAL Investments (a for-profit subsidiary of Opportunity Alabama) is the lead equity investor.
Jeff Jones, Principal of Capstone Development Partners said, “As an Alabama-based national leader in the development and management of university-oriented housing, Capstone is thrilled to commence construction on this purpose-built housing community to help meet the needs of UAH students, staff and others in Huntsville seeking well-located and attainably-priced housing. We look forward to pre-leasing this community in anticipation of its opening in summer 2025.”
Joey Azar, Co-Founder of Boaz Ventures said, “Much of the housing in Huntsville is located too far away or is too expensive for UAH students, staff, or for local teachers, nurses or public sector employers. As a Huntsville-based development company, we are pleased to bring this much needed university-oriented residential community to UAH and the broader Huntsville community, which offers a central location and well-designed, affordable apartment units.”
A ceremonial groundbreaking ceremony will be held on October 10th at 10 a.m. CST.
About Capstone Development Partners
Capstone Development Partners, LLC is a leading national real estate developer specializing in the development and operation of university housing, many in public-private partnerships. The company has offices in Birmingham, AL and Denver, CO. Its principals, Jeff Jones and Bruce McKee, have more than 45 years combined experience as leaders in the university housing market sector. Since 1997, the principals of Capstone have partnered with nearly 70 public and private colleges and universities and delivered more than 47,000 beds of university-oriented housing nationwide. For more information please visit www.capdevpartners.com.
Boaz Ventures is a real estate investment and development firm based in Huntsville, AL. At its core, the company invests in and develops multifamily housing. With a primary focus in Huntsville, Boaz recently broke ground on the dynamic, $72 million mixed-use project, the Arcadia, located in Cummings Research Park. Boaz makes select investments in thematic investment opportunities where the historical experience and expertise of its principals create a competitive advantage. The company was founded by Joey Azar and James Bobo.
Fite Building Company
Fite Building Company is a full-service general contracting and construction management firm based in North Alabama, and serving commercial, industrial and institutional customers in the Southeastern region through design-build as well as traditional construction services. For more information please visit https://www.fitebuilding.com
Williams Blackstock Architects
Williams Blackstock Architects is a full-service architectural design firm that cultivates collaborative partnerships based on a foundation of innovative problem-solving and deep expertise. Through thoughtful listening, adaptability, and a deep understanding of modern space challenges, WBA offers architectural expertise on projects of varying size and scope, to bring its clients’ visions to life. Founded in 1994, the firm has experienced continued growth by forging trusted relationships and delivering designs with the capacity to unite people, elevate communities, and inspire meaningful cultural change. For more information please visit https://www.wba-architects.com/
OPAL Investments, Inc. is a public benefit corporation, wholly owned by Opportunity Alabama (OPAL), that manages a family of real estate investment funds investing only in Alabama. OPAL Investments has raised OPAL Fund I and Fund II with the vision of providing attractive risk-adjusted returns for investors while driving progress towards better places & better economic futures across Alabama. The nonprofit parent company, Opportunity Alabama (OPAL), has been working to build a pipeline of quality projects across the state in partnership with property owners, developers, economic development professionals, and other community stakeholders. OPAL is an economic development organization transforming communities through public and private investment in physical spaces and places. For more information please visit https://investwithopal.com and https://www.opportunityalabama.com/