December 17, 2015
Schilling Farms Lands Novel Apartment Deal
By Terry Hollahan
– The Memphis Business Journal –
One of the nation’s largest life insurance companies is investing $24 million to build a 368-unit apartment complex called Legacy Farm at Schilling Farms in Collierville.
Northwestern Mutual Life Insurance Co. Real Estate has hired Atlanta-based Trammell Crow Residential to develop and construct the complex on 25 acres. Northwestern Mutual Real Estate purchased the land from Memphis-based Boyle Investment Company, which is developing the 450-acre, multi-use Schilling Farms.
The property fronts Winchester Road and contains the only lake at Schilling Farms, says Alan Dean, development manager of Legacy Farm for Trammell Crow Residential.
Joel Fulmer, vice president of Boyle Investment, says the development will introduce a "big house" concept that will have as few as four apartment units in a building.
"The signature buildings will face Winchester and have the appearance of large, single-family homes," Dean says. "There will be 11 different "big house" buildings."
The two-story signature buildings will have four units, each with a one-bedroom and two-bedroom apartment on both floors. Some buildings set farther back from Winchester near the six-acre lake will have three stories and as many as 12 apartment units, Dean says.
The apartments will range from 777 square feet to 1,398 square feet for three-bedroom units, he says. Rent will likely range from $715 to $1,125 a month.
"We feel it will be one of the finest communities in Collierville," Dean says. "The rents will be reasonable for the market."
Groundbreaking on the project was scheduled for Aug. 27. Construction will be completed in one phase, with the first units to be ready for occupancy as early as March.
Among its other amenities, Legacy Farm will include nine-foot ceilings, crown molding, garden tubs, washer/dryer connections and color-coordinated cabinets and appliances. Selected units will have fireplaces and oversized bay windows.The complex, designed by Looney Ricks Kiss Architects in Memphis, will include controlled-gate access, 38 detached garages, pedestrian walkways, swimming pol with spacious sun deck and extensive landscaping.The fitness center, which will include the latest in fitness and cardiovascular equipment, will match the surroundings, Dean says.
"The building will be an old-style looking barn," Dean says. "An old barn that was on the site gave us the idea. We’re also taking off on the ‘farm’ name in Legacy Farm."
Trammell Crow Residential had to meet development restrictions of the city of Collierville and design guidelines for Schilling Farms established by Boyle Investment. Schilling Farms is a $350 million multi-use development that will feature residential, retail, distribution and office space, as well as a public school and YMCA.
Northwestern Mutual, which developed the first phase of Federal Express Corp.’s 900,000-square-foot World Technology Center on nearby Bailey Station Road, is making another sizable investment in the growing Collierville area.
"That looks like where the growth is going," says John Shoaf, regional director of real estate investments for Northwestern Mutual Life Insurance Co. Real Estate in Memphis.
Shoaf, whose region covers a six-state area, says Northwestern Mutual essentially owns the $250 million FedEx technology center and is leasing it back to FedEx.
"We have a sizable investment in Collierville," Shoaf says.
Northwestern Mutual is one of the top five life insurance companies in the country based on various criteria such as assets.