CARMEL, IND. — CREC Real Estate has sold its stake in VER at Proscenium, a 196-unit community located at the intersection of Rangeline Road and West Carmel Drive in the Indianapolis suburb of Carmel. CREC Real Estate acquired the stake in 2019, prior to the project’s construction. VER at Proscenium was completed in 2021. The complex comprises four buildings and offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, pool, putting green, multi-sport virtual simulator and club area with a beer tap. The property also includes commercial space, …
INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments, a 470-unit property in Indianapolis, for an undisclosed price. The community offers amenities such as a pool, fitness center, tennis courts, playground, dog park and pet wash station. Morgan Properties plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology.
WESTFIELD, IND. — CenterSquare has acquired Casey Corner, an 80-unit build-to-rent community currently under construction in the Indianapolis suburb of Westfield. The final deliveries of the townhome-style units are slated for February 2024. Units average 1,750 square feet with three bedrooms and attached two-car garages. The acquisition of completed homes will occur in stages as the project is built. The seller and purchase price were undisclosed.
JEFFERSONVILLE, IND. — Marcus & Millichap has arranged the $51 million sale of Villas of Jeffersonville, a 264-unit complex in the Louisville, Kentucky-suburb of Jeffersonville. David Badgett of Marcus & Millichap represented the seller, Denton Floyd Real Estate Group, and procured the buyer, Peach Blossom LLC. Josh Caruana, Marcus & Millichap’s broker of record in Indiana, assisted in closing the transaction. Villas of Jeffersonville was built in 2020. According to the property website, amenities include a clubhouse, fitness center, playground, dog park, pet spa, a pool, picnic area, volleyball court, …
INDIANAPOLIS — Milhaus, an Indianapolis-based national multifamily developer, has selected Andrejs Kancs to the newly created position of vice president of financial and asset management. In this role, Kancs will monitor project performance on behalf of investors and lenders, initiate measures to rectify concerns and analyze market and project data to prevent underperformance. Kancs most recently served as a director with Scannell Properties. Prior to this, he worked at Milhaus from 2017 to 2022, where he rose to the position of director of finance. Kancs earned his bachelor’s degree in …
MERRILLVILLE, IND. — KeyBank Real Estate Capital has brokered a $74.6 million loan through Freddie Mac for the acquisition of Lakes at 8201 in Merrillville, a town in Indiana’s Lake County. John Ward and Joseph Tinti arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Terms for the loan were not disclosed. Lakes at 8201 comprises 628 units across 20 buildings, as well as an office and clubhouse. The garden-style community was built between 1992 and 1993.
FISHERS, IND. — Thompson Thrift has opened Slate at Fishers District, a 242-unit build-to-rent community in the Indianapolis suburb of Fishers. Located on a 25 acre site adjacent to the Fishers District shopping center, Slate at Fishers District offers one-, two- and three-bedroom villas, as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool with cabanas, dog parks and pet spas. The community’s first residents began moving in during May. The property is currently still under construction and is slated for completion in early 2024.
CBRE has dubbed the Indianapolis apartment market “The Star of the Midwest” due to a combination of factors: its business-friendly climate, bustling life sciences and technology sectors, and exceptional rent growth. The giant real estate services firm points out in its 2023 Indianapolis Multifamily Market Overview that Indianapolis led the nation in year-over-year effective rent growth in October, November and December 2022 based on data from Yardi Matrix. In December, Indy posted an 11.4 percent increase in effective rents on an annual basis, the only metroplex to produce double-digit year-over-year growth. Despite …
GREENWOOD, IND. — The Garrett Cos. has broken ground on Oliver Springs, a 226-unit townhome-style development in the southern Indianapolis suburb of Greenwood. According to project plans from the developer, Oliver Springs will comprise 21 residential buildings on a 16-acre site. Amenities include a clubhouse with a pool and outdoor kitchens, a dog park and an 8’ sound wall on the southern property line. The project is slated to complete in spring 2025. Rezoning for the project was approved by the Greenwood City Council on July 18.
GREENWOOD, IND. — The Garrett Cos. is approaching completion on The Hangar, a 218-unit community in the Indianapolis suburb of Greenwood. The first building, which comprises 62 units, was completed in June and plans to open for residency in mid-July. The building will also include Garrett Restaurant Group’s first coffee shop, Runway 19, which is expected to open fall 2023. Other amenities at The Hangar will include a fitness center, valet trash and recycling, package delivery kiosks, a bike repair station, a pool with a hot tub, outdoor kitchens with gas …