Retreat at Schillinger is a 270-unit workforce housing community located in Mobile, Alabama. Its proximity to the regional airport supports the affluent location in West Mobile. Economic drivers supporting the submarket include Providence Hospital (1540 jobs), University of South Alabama (16,000+ students), Mobile Regional Airport, and over 1.5M square feet of retail and commercial all located within a 2-mile radius. The median income for the immediate area is above $100K. Mobile has emerged as the Gulf Coast's dominant corridor for shipping and aerospace, attracting key companies such as Walmart, Amazon, and Airbus. Mobile is the fourth-largest producer of commercial aircraft in the world.
Retreat at Schillinger was completed in 2010 and consisted of 3 four-story elevator equipped buildings and one clubhouse. The property offers three-floor plans, including 801 square foot one-bedroom plans, 1,012-1,090 two-bedroom plans, and 1,243 square foot three-bedroom plans. The community site provides an array of amenities including a clubhouse, 24-hour fitness studio, media center, swimming pool with sundeck, business center, DVD library, grilling stations, billiard table, 24-hr community lounges in each building, controlled access gates, valet waste, elevator access to all floors, package receiving area, bark park, and complimentary coffee bar. Interior unit amenities include dual master suite floor plans, open kitchens, black appliances, faux-granite surfaces, full-size W/D in each home, walk-in closets, breakfast bars, vaulted ceilings, garden tubs, ceiling fans, and patio or balcony.
ApexOne Multifamily Fund III, LP purchased the Moretti at Vulcan Park. It will be held in a portfolio for long-term growth and appreciation after completing the initial value-add renovation program. Balfour Beatty Communities assumed management services at closing.