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Slate at Fishers in Fishers, Indiana
DevelopmentIndianaMidwestNews

Thompson Thrift Opens Slate at Fishers District in Indianapolis Suburb

by Channing Hamilton

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.

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Versa in Indianapolis
Affordable HousingDevelopmentFinanceIndianaInvestment SalesMarket ReportsMidwest

Indianapolis Emerges As ‘Star of the Midwest’

by Channing Hamilton

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 …

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DevelopmentIndianaMidwestNews

The Garrett Cos. Begins Development of Oliver Springs in Greenwood, Indiana

by Channing Hamilton

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.

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DevelopmentIndianaMidwestNews

The Garrett Cos. to Open The Hangar in Indianapolis Suburb

by Channing Hamilton

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 …

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DevelopmentIndianaMidwestNews

TWG to Develop $9 Million Affordable Community in West Baden Springs

by Channing Hamilton

WEST BADEN SPRINGS, IND. — TWG will develop West Baden Lofts, a $9 million affordable community in West Baden Springs, a town in Indiana’s French Link Township. West Braden Lofts will offer 44 units in two- and three-bedroom layouts. The community will be available to households earning between 30 and 60 percent of the area median income. Amenities include a bikeshare program, Wi-Fi connectivity, fitness center, community room, indoor play area, community garden, a playground and in-unit laundry. Construction of West Baden Lofts is expected to begin in June 2023. …

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Affordable HousingDevelopmentIndianaMidwestNews

TWG to Break Ground on $9 Million West Braden Lofts in West Baden Springs, Indiana

by Channing Hamilton

WEST BADEN SPRINGS, IND. — TWG plans to begin construction on West Baden Lofts, a $9 million affordable housing community in West Baden Springs, this month. West Baden Springs is a town located in southern Indiana’s French Lick Township. Project funding comes from the Indiana Housing and Community Development Authority, Innovative Veteran Affairs Real Estate, Merchants Capital, Cedar Rapids Bank & Trust and the Town of West Baden Springs. The 44-unit development will offer two- and three-bedroom floor plans. Units will be reserved for households making 30 to 60 percent …

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Tuscany Bay in Lawrenceberg, Indiana.
FinanceIndianaInvestment SalesMidwestNews

Revitate Cherry Tree Acquires Tuscany Bay Near Cincinnati, Closes Fund Activity With $110 Million Portfolio

by Channing Hamilton

LAWRENCEBERG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit property in Lawrenceburg, approximately 26 miles west of Cincinnati. Built in 1999, Tuscany Bay offers two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, playground, TV room and fitness center. The property is located 17 miles from the Amazon Air Hub, a $1.5 billion air cargo facility at the Cincinnati/Northern Kentucky International Airport. With the acquisition of Tuscany Bay, Revitate Cherry Tree has completed investment in its multifamily fund with a $110 million portfolio comprising 841 …

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A 3D render of Versa, a multifamily building in Indianapolis.
DevelopmentIndianaMidwestNews

Joint Venture Breaks Ground on $70 Million Versa in Indianapolis

by Channing Hamilton

INDIANAPOLIS — Local developers Milhaus, Gershman Partners and Citimark have broken ground on Versa, a $70 million mixed-use community in Indianapolis’ Broad Ripple Village. Lake City Bank provided financing for the project. The developers are working with DKGr for architecture and interior design and Civil & Environmental Consultants for civil engineering on the project. Versa will offer 233 studio, one- and two-bedroom units, as well as 245 parking spaces and amenities such as a pool, dog park with a pet spa, lounge, clubhouse, game room, fitness center, conference rooms and coworking space. The property …

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Prairie Point in Merrillville, Indiana
FinanceIndianaMidwestNews

Weiss Refinances Indiana Property With $54 Million Loan

by Lynn Peisner

MERRILLVILLE, IND. — Draper and Kramer has arranged a $54 million loan on behalf of Weiss Entities to refinance Prairie Point and The Reserve at Prairie Point apartments in Merrillville, which is about 43 miles south of Chicago. The five-year, fixed-rate loan was funded by a life insurance company lender. Prairie Point and The Reserve comprises 440 townhome-style units and was built between 2002 and 2015, with most recent renovations taking place in 2018. Amenities include a clubhouse, fitness center, resort-style heated pool, a playground and a regulation-sized sand volleyball …

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IndianaInvestment SalesMidwestNews

Marcus & Millichap Arranges Sale of 129-Unit Property in Connersville, Indiana for $5.6 Million  

by Kari Lloyd

CONNERSVILLE, IND. — Marcus & Millichap has arranged the sale of Turtle Creek Apartments, a 129-unit property located in Connersville. The property was sold to an undisclosed limited liability company for $5.6 million. Aaron Kuroiwa and Tony Rogers from Marcus & Millichap’s Indianapolis office represented both the seller, an undisclosed limited liability company, and the buyer in the transaction. Turtle Creek Apartments is located at 3600 Western Ave. in Connersville. The apartments consist primarily of studio and one-bedroom units and recently underwent capital improvements including a new roof, parking lot, …

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