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 …
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 …
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 …
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 …
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, …
INDIANAPOLIS — Olive Tree Holdings, a New York-based private investment company, has begun a $6 million modernization of The Life at Creekside Reserve located in Indianapolis. Improvements to the 320-unit, garden-style complex are slated for completion in the third quarter of 2024. Situated on more than 28 acres of land, The Life at Creekside Reserve is a gated community comprised of 16 three-story buildings, and 320 units across a mix of one-, two- and three-bedroom layouts. Current amenities at the propertyinclude a daycare facility, clubhouse, fitness center, playground, laundry facilities …
BLOOMINGTON, IND. — Gray Capital, a private equity firm based in Indianapolis, has acquired Echo Park Apartments, a 154-unit luxury community located in Bloomington for an undisclosed price. The property will be managed by Gray Capital’s property management company, Gray Residential. Echo Park is the fourth property acquired through the company’s $100 million multifamily investment fund, The Gray Fund. Other properties acquired with the fund include Sycamore Terrace in Terre Haute, Indiana, Club Meridian in Lansing, Michigan, and Stonybrook Commons in Indianapolis.
INDIANAPOLIS — Indy Eleven and Keystone Group will break ground on Eleven Park, a mixed-use project in the southwest quadrant of downtown Indianapolis in May. The development will include a 20,000-seat multipurpose stadium, 600 rental units, 205,000 square feet of office space, more than 197,000 square feet of retail space, a hotel and public parking garages. The Indianapolis Star reports the project has a price tag of $1 billion. Eleven Park will also feature a public plaza and green spaces featuring an outdoor stage with free concerts, a play zone, outdoor activities, …
ZIONSVILLE, IND. — Developers Pittman Investors and Scannell Properties have begun work on the first phase of Pittman Farms, a mixed-use development in Zionsville, a northwest suburb of Indianapolis. The 48-acre development will feature a mix of retail amenities and a 400-unit apartment development. The first phase will include land preparation and infrastructure for the entire development and the three-building, four-story, 400-unit apartment development. Planned amenities include a golf simulator, saltwater pool, fitness lab, library, work-from-home space, dog park, covered parking and an outdoor pavilion. Phase one is expected to …
BLOOMINGTON, IND. — Indianapolis-based developer The Annex Group has started work on a 102-unit workforce housing community in Bloomington. The Annex of Bloomington will be located at the corner of Third and Grant St. in an area called the University Village Downtown Character Overlay District. The development is set to include enclosed parking and ground-floor retail space. Construction is scheduled for completion in spring 2023. Project partners include Gilliatte General Contractors, Inc., architect KTGY, engineering firm Smith Design Group Inc. and STAR Financial Bank, which has provided $18.1 million …
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