Berkadia Arranges Equity Partner for Capstone Communities’ Central Georgia Build-for-Rent Community

Berkadia announces it has sourced $13.2 million in equity for Capstone Communities to develop The Cottages at Warner Robins, a low-density multifamily development located in the central Georgia town of Warner Robins. The cottage-style community will provide flexible housing options for individuals and families looking to rent in the growing area.

Cody Kirkpatrick, Noam Franklin Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged the equity placement as part of a larger programmatic partnership between the capital provider – a publicly traded REIT – and Capstone Communities. This is the third project that the capital source and Capstone Communities has partnered on. The other two are The Cottages at Port St. Lucie and The Cottages at Myrtle Beach.

“We are proud to be working with Capstone Communities on their robust pipeline of BFR communities across the Sunbelt,” said Kirkpatrick. “Capstone Communities has a lot of capital available to them in today’s market but Berkadia JV Equity & Structured Capital prides itself on setting up programmatic relationships between experienced developers and institutional equity sources that we know will be good long-term partners.”

Construction on The Cottages, which will sit on approximately 28 acres along the west side of South Houston Lake Road, began in December 2021, with its first units scheduled to be delivered by January 2023 and full completion in July 2023. Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, this 251-unit community is designed intentionally to create a true sense of place for its residents.

Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of one-, two- and three-bedroom cottages including private outdoor yards and patios. Cottages will include nine-to-12-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart home technology package, 24/7 on-call maintenance and optional enclosed garage parking. Neighborhood amenities include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, state-of-the-art fitness center, dog park and valet trash.

The Cottages at Warner Robins is located five miles southwest of Robins Air Force Base, the area’s largest employer with approximately 24,000 civilian, contractor and military member employees. With fewer than 250 family housing units on base, The Cottages at Warner Robins offers a premium housing option for those who choose to live off base but still seek a community-like setting.

Capstone Communities is a Birmingham-based commercial real estate firm specializing in development, management and construction of student and multifamily housing. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, an active and experienced developer for more than 21 years with a portfolio that included 118 communities across 31 states, 58,000 beds and $2.7 billion project costs. Capstone Communities has recently introduced its conventional cottage-style development program to the multifamily sector and is currently under construction on several properties across the Southeast in Alabama, South Carolina, North Carolina and Florida. For more information, visit

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit