Rivi Apartments
Rivi Apartments

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Rivi Site Plan
Rivi Site Plan

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Clubhouse Elevation1
Clubhouse Elevation1

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Rivi Apartments
Rivi Apartments

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FOLEY

Rivi Apartments

30/06/2022

Sila Capital has begun the development of Rivi Apartments in Foley, Baldwin County, Alabama. The project is located at the intersection of Riviera Blvd and S Juniper St, next to Tanger Outlets mall and within walking distance to many other destinations.​

Currently in the design stage with construction scheduled to commence in 2022. ​

With an overall development budget of $28.7 million, the property will be delivered in 2023. It will have 144 units. ​

The project value upon stabilization is estimated to be $36 million.​

The subject property includes a mixture of one, two, and three-bedroom units. None of the units are subject to rent or tenant income restrictions. In fact, the target market for the project is the upper end of the housing rental market. Therefore, the property is designed with a full array of amenities and features that appeal to this segment of the market. Each of the property’s units includes a full complement of kitchen appliances (range/oven with hood, microwave, full-size refrigerator, and dishwasher), as well as washer/dryer appliances. ​