Memphis-based Makowsky Ringel Greenberg LLC is launching a new apartment community at Schilling Farms.
Memphis-based Makowsky Ringel Greenberg LLC is launching a new apartment community at Schilling Farms in Collierville. The firm this week broke ground on the $24.6 million project.
(Fleming Associates Architects; PC)
MRG broke ground this week on the $24.6 million project, located inside Schilling Farms, Boyle Investment Co.’s 443-acre mixed-use development in Collierville.
MRG, one of the city’s largest developers and managers of apartment communities, is calling the apartment community the Signature.
MRG, which has owned the property since 2008, finally believed market conditions warranted construction. Operating as Signature Schilling Farms LLC, on June 6 it filed a $24.6 million construction loan through First Tennessee Bank NA on the project.
“With the economy in recovery, we feel like the timing is ideal to bring this project to market,” said Michael Greenberg, CEO of MRG, who signed the construction loan.
The Signature will feature 251 units of luxury apartments on an 18-acre site on Winchester Boulevard just west of Schilling Boulevard. The project was designed by Fleming/Associates/Architects and the units feature larger-than-average one-, two- and three-bedroom floor plans.
Apartments are expected to be available for lease in the spring of 2014, and Greenberg said rental rates haven’t been determined.
The Signature is the first apartment community to be built inside Schilling Farms in 12 years.
“The Signature will be a good addition to Schilling Farms, and fits into our overall vision of creating an authentic Collierville community where folks can live, walk to work or school – all while enjoying the amenities of the YMCA,” said Rusty Bloodworth, vice president of Boyle.
Chris Clothier, a partner in Memphis Invest, which invests in single-family homes, believes the multi-family market could struggle while there is still a glut of cheap homes on the market but said he believed the new MRG project would be a hit.
“A brand new project is probably going to do well,” Clothier said. “It’s in a great market and I think they’re going to do great.”