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Bobo Development Closes Funding for Madison’s Alexandria Apartments

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.

Visit bobofamilygroup.com.

 

All the Bells and Whistles: $38.2 Million Luxury Apartment Development Planned for Balch Road

MADISON — Madison is about to see a $38.2 million, 258-unit luxury apartment development.

Florence-based Bobo Development Group plans to break ground in July on the project, which will be across Balch Road from the Huntsville Hospital Heart Center.

Construction is expected to take about 19 months and is being handled by Birmingham-based Capstone Building Corp., according to James Bobo II, chief executive officer of Bobo Development Group.

According to Bobo, the median household income for this particular area is $115,000 and those families didn’t have a lot of options when it came to high-end apartments with tech-based, future-forward, upscale amenities.

“One of the things I noticed was there was a lot of class C and class B products, and some older products that didn’t have the amenities that, number one, this area can support and, number two, that this area is looking for,” Bobo said. “That’s one of the gaps (the development) is going to be filling.”

The apartments will feature electric charging stations for cars and Dormakaba electronic entry systems for each unit, which will allow residents to enter their homes or gain access to the clubhouse by using their phone or a keycard.

“We are trying to get away from physical keys,” Bobo said.

For professionals on the go, the complex will also have a Parcel Pending electronic locker system at the clubhouse. There will be cold-storage capabilities so residents can have their groceries delivered and not have to worry about them spoiling under the unforgiving Alabama sun. Residents will simply have a QR code sent to their phone when an item arrives and all they have to do is stop by the locker and scan the code to collect their item.

Inside the apartments, residents can expect to see granite countertops, tile backsplashes, high-end floors, and tile showers.

“Huntsville is what I call a STEM (science, technology, engineering, mathematics) metro and I feel like they are not getting what they want, as far as some of these tech pieces at where they are living,” Bobo said. “So, I feel like some of the amenities that I mentioned earlier are going to fill a gap in what that particular type of demographic is looking for.”