Developer Will Invest In Multifamily Complex In Huntsville
$38.2M Alabama developer plans to invest in multifamily complex in Huntsville. The investment firm is getting ready to start construction on a residential apartment complex in July.
The firm is the Bobo Development Group, which announced it will develop a $38.2 million luxury apartment complex. The complex will sit on nearly 22 acres of land and will be located near Madison Medical Park. Not only that, but the company will be investing in building retail properties in the area.
The complex will contain 258 units and they will have amenities that include cold storage package lockers, electronic entry systems and over two dozen garage units with charging stations for electric cars. Not only that, but there will be co-working space on-site, as well as a clubhouse and dog park.
James Bono II, who is the CEO of the Bobo Development Group, said that around 17 percent of the country’s STEM workforce is located in the Huntsville area. He continued to said that people are expecting a nice place to live and a place that is built for the future and not the present. He went onto say that his company will introduce retail services that complement what they will be providing their residents. This includes small grocery, food service and things of that nature.
In order to invest in the project, the company launched a 506 (C). This comes at a time when the company is still investing in the Tennessee Valley real estate market. A year ago, the company purchased Seville Place Apartment Village in Florence. They plan on using various smart technologies to modernize the property.