North of 96th

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Apartments / Carmel / Residential Real Estate / Hamilton County / Regional News

Construction season finally looms for high-end Carmel apartments

April 11, 2014

Local developer Pittman Partners and multifamily specialist Barrett & Stokely Inc. are moving forward with plans for a $35 million apartment community near the Monon Greenway in Carmel.

Work could begin this spring at The Seasons of Carmel, a 14-building, 256-unit complex slated for 21 acres at Westfield Boulevard and 98th Street. The project was proposed in late 2012 but construction was slow to get started as the partners lined up financing and fine-tuned their designs.

Plans call for a mixture of one-, two- and three-bedroom apartments, each with its own garage. Amenities include multi-use trails connecting to the Monon, a fitness center and pool, a cyber cafe and community meeting space.

Pittman Partners principal Steve Pittman said the upscale units likely will lease for an average of $1.15 per square foot, placing it among the most expensive rentals in the northern suburbs.

Average rents in Carmel, Westfield and Zionsville range from 74 cents a square foot to $1.23 a square foot, according to multifamily broker Tikijian Associates. Prices have been rising along with occupancy rates, which approached 95 percent last year.

The Seasons likely will take a year or longer to build, Pittman said.

It is one of several apartment projects planned for Carmel. Among the higher-profile proposals in the works: Edward Rose Properties’ $80 million The District, a mixed-use project that includes 400 apartments; Keystone Realty Group’s five-story, 200-unit Sophia Pointe; and Atapco Properties’ 280-apartment Carmel Lakeside, being built in collaboration with J.C. Hart Co.



 

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