Luxury apartments going up in Schilling Farms
Construction started this month on the first apartment community in a dozen years to be built in Collierville’s giant Schilling Farms mixed-use development.
Called The Signature, the 18- acre property should offer by next spring 251 units. More than 75 percent of them will have their own garages, and all will provide access to other luxuries such as a clubhouse, pool, fitness center with child playroom, and Internet café.
The Signature will offer something else: Elbow room.
“Our units will be large,” said Michael Greenberg, chief executive officer of the development company, Makowsky Ringel Greenberg. The apartments will average 1,100 square feet in size, and range from 600 to 1,642 square feet.
Monthly rent will be from $850 to $1,700.
Early this month, Makowsky Ringel Greenberg closed on a loan for the $28 million project.
Makowsky Ringel Greenberg is the same firm that has built other large apartment communities, including Champion Hills at Windyke, The Westbury and Champion Hills at Stonebridge.
It’s also the development company that, like so many others, got burned by the Great Recession. Makowsky Ringel Greenberg was in the middle of building The Laurels condominiums in East Memphis in 2008 when the market plunge started.
But unlike so many others, Makowsky Ringel Greenberg didn’t walk away, didn’t go the fore- closure route. It slashed prices, sold most of the 40 new condos at Central and Highland, rented the few remaining, and repaid the loan from First Tennessee Bank.
“Through the recession, the apartment sector has performed well,” Greenberg said. “Probably of all the sectors it’s the strongest, although industrial is starting to roar and even single-family is coming on.
he timing’s right to build The Signature, Greenberg said, because of the good land, the great location in Collierville, and the fit. “We’re going to be delivering a highly amenitized product targeting an affluent market,” he said.