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Cincinnati investors buy apartment complex anchored by mansion

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A group of Cincinnati investors has purchased an Indianapolis apartment complex anchored by a mansion listed on the National Register of Historic Places.

Sundance Real Estate Holdings and other investors closed on the 37-unit Mansion Row apartments at 2550 Cold Spring Road Dec. 30. Russell D.  Kornman, a principal in Sundance, said his ownership group will upgrade some of the units within the next year and has enough land to add 24 more.

The centerpiece of the property is the Renaissance Revival Henry F. Campbell mansion, which houses 10 of the apartment units. Campbell was an associate of Harry C. Stutz of Stutz Motor Car Co. fame.

Kornman wouldn’t disclose what his group paid for the property, which was sold by Old National Bank after a previous owner lost it in foreclosure. An affiliate company, Cincinnati-based Sundance Property Management Co., has taken over management and leasing from locally based Flaherty & Collins, which had managed it for the bank. Sundance manages 2,500 apartment units in Indiana, Ohio and Kentucky.

The Mansion Row property was offered for sale seven years ago for $895,000, according to a listing in Indianapolis Monthly magazine from December 2002, but that was before most of the apartments were built.

Four years ago, 24 two-bedroom, two-bathroom apartments were added to the 5.5-acre grounds. A former caretaker's quarters and a stable house three more units. Rent in the complex ranges from $500 to $1,000.

Kornman said about 50 percent of the tenants are students at IUPUI or at Marian University, which is less than a mile away. All but three of the units in Mansion Row are occupied.

Kornman’s group also owns the 48-unit Park Lane apartments in Carmel. In the last 18 months, it sold the 88-unit Dublin Glen apartments in Brownsburg and the 84-unit Lakeside at Walnut Hills complex in Plainfield.

Amy Burmeister, a broker with the local office of CB Richard Ellis who represented Kornman’s group in those sales and in the purchase of Mansion Row, said the sale of bank-owned apartment complexes should be a theme over the next few years as banks dispose of properties they’ve gotten in foreclosure.

“It should create some amazing opportunities for those who have cash or the ability to finance,” Burmeister said.

In Mansion Row’s case, the opportunity included a property with a unique history, which is rare for apartment complexes. The name Mansion Row refers to the stretch of Cold Spring Road south of 30th Street where automobile industry magnates and Indianapolis Motor Speedway financiers James Allison, Frank Wheeler and Carl Fisher built opulent homes in the early years of the 20th century.

In 1916, Henry Campbell hired D.A. Bohlen & Sons architects—the same firm that designed the City Market and Morris-Butler House—to design his house on what would become Mansion Row. But Campbell never lived in the house, the construction of which was put on hold in the 1920s after he ran out of money.

The concrete and steel house wasn’t finished until 1941, and was then almost immediately carved into 10 apartments, nine of which are one-bedroom units. The largest unit is a three-bedroom apartment on the mansion’s top floor.
 

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

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  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

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