Retreat at Schillinger is a 270-unit workforce housing community located in Mobile, Alabama. The property was developed in 2010 and is located in the affluent West Mobile submarket only minutes from the regional airport. The submarket is supported by numerous state ranked schools, household income averages above $100K, and key economic drivers such as Providence Hospital (1540 jobs), University of South Alabama (16,000+ students), Mobile Regional Airport, and over 1.5M square feet of retail and commercial venues all located within a 2-mile radius. 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 consists 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 offers an array of amenities including: 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.
The property was acquired by ApexOne Multifamily Fund III, LP and will be held in portfolio for long term grow and appreciation after the completion of the initial value-add renovation program. Balfour Beatty Communities assumed management services at closing.