MADISON — As Bobo Development Group announces the closure of the funding phase of its multifamily luxury apartment development, residents are one step closer to having a new, “future-ready” place to call home.
The Florence-based investment group raised a total equity of $11.8 million, closing its funding phase last month.
The group plans to begin construction of Alexandria Apartments on a 16.54-acre site just west of Madison Medical Park on Balch Road no later than Jan. 31.
BDG entered into a joint venture partnership with Michigan-based Electrical Capital Partners and Florida-based Morrison Avenue Capital Partners. Blake Janover of Janover Ventures, Miami, Fla., helped source construction financing of $28.3 million from BancorpSouth. Birmingham-based Capstone Building Corp. will be the general contractor for the project.
Keeping in step with the area’s technologically advanced population, residents of Alexandria Apartments will enjoy a variety of “smart” amenities, such as cold storage lockers for grocery delivery services, electric vehicle charging stations, a “functional fitness” center, and resident programs focused on 360-degree whole health.
“The Huntsville Metro area is home to a multi-faceted population of professionals, a large percentage of them transplants. These people are looking for a living space that makes daily life a little easier while nurturing a community” said James Bobo, II, CEO of Bobo Development Group and the project’s developer.
“By creating a future-proofed space, the community our residents create can stand the test of time.”
Alexandria Apartments will include 258 units consisting of one-, two-, and three-bedroom apartments along with 29 garage units equipped with electric vehicle charging stations. It will also feature a dog park and clubhouse with a co-working space.
The total capitalization of the development will be $40.1 million, according to Bobo Development Group.