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Emma at Arabella Village – Phase III

Emma at Arabella Village Phase 3 in Huntsville, Alabama, includes 282 units and is part of our Build-to-Rent allocation, which represents 70% of the fund.

Community Development

Emma at Arabella Village Phase 3 is a Build-to-Rent project in Huntsville, Alabama, consisting of 282 units made up of 42 townhomes and 240 apartments. The original plan was to sell these as developed lots, but in 2024 we pivoted to combine this phase with Phase 1 to create a fully amenitized rental community.

Huntsville has become one of the fastest-growing markets in the Southeast, driven by strong job growth, population inflows, and housing demand. By bringing together a mix of townhomes and apartments, this development is designed to capture that demand.

Project Photos

Awaiting Development of Phase 1 & 2 – January 2026

Awaiting Development of Phase 1 & 2 – November 2025

Awaiting Development of Phase 1 & 2 – October 2023

Awaiting Development of Phase 1 & 2 – March 2024

Awaiting Development of Phase 1 & 2 – October 2023

Site Clearing Complete – September 2023

Progressing Through Site Grading – August 2023

Site Grading Underway – June 2023

Site Clearing & Grading Underway – April 2023

Equipment On-Site – March 2023

Property Upon Acquisition – February 2023

Project Updates

At any given time, our portfolio includes projects in different phases—acquisition, development, stabilization, and exit. That’s by design. This staggered structure allows us to generate consistent cash flow while building long-term value, freeing us to sell, hold, or refinance based on what the market demands, not arbitrary dates.

Here’s where our projects stand today.

November 20, 2025

Working Through Permitting Approval

Last month, we began working on engineering plans in preparation for submitting the project for permitting approval. Once the permitting process is finalized, we will proceed with breaking ground and begin horizontal development of the site.

November 20, 2025

September 27, 2025

Finalizing Permit Submission

Last month, after addressing the final zoning comments, we received approval. We are now preparing to submit for final permitting. Once permits are approved, our team will be ready to break ground and begin horizontal development on the project.

September 27, 2025

August 20, 2025

Received Zoning Approval

This month, after addressing the final comments, we received zoning approval. With zoning secured, the final master plan includes 282 residential lots. Next, we’ll submit for final permitting. After approval, we will begin horizontal development.

August 20, 2025

July 16, 2025

Final Comments Addressed on Zoning

In Q1 2025, we submitted plans to the city for zoning approval. Last quarter, after receiving comments, we updated the plans and resubmitted them. Once zoning is approved, we will move forward by submitting our plans for permitting to begin development.

July 16, 2025

June 30, 2025

Awaiting Zoning Approval

In April 2025, we submitted zoning plans for approval. In May, we received comments and addressed them. We are now awaiting zoning approval. Once approved, we will move forward by submitting for permitting to advance development.

June 30, 2025

May 14, 2025

Zoning Plan Revisions Resubmitted

We pivoted late last year, combining Emma Phases 1 & 3 into a fully amenitized BTR community. In Q1, we submitted plans for zoning approval. After approval, we’ll submit for permits, secure entitlements, finalize construction plans, and break ground.

May 14, 2025

April 16, 2025

Zoning Plans Submitted

In Q3 2024, we received a preliminary site plan for apartments, but in Q4 we pivoted to single-family detached homes. In Q1 2025, we submitted zoning plans to the city, and our next steps are receiving approval and then submitting for permitting.

April 16, 2025

February 12, 2025

Rezoning Process Underway

The original plan for this phase of Emma at Arabella Village was to build apartments. After revising our strategy, we’re now combining it with Phase 1 to deliver a Build-to-Rent community instead. We’re currently re-entitling the site from multi-family to single-family.

February 12, 2025