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Real Estate & Retail

Reverie Estates plans Irvington apartment project

March 14, 2013
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Butler Apartments IrvingtonLocally based Reverie Estates has purchased the 53-unit Butler Apartments along Washington Street in Irvington and plans an extensive renovation including restoration of a clay tile roofline feature a prior owner removed. Some of the updated studio and one-bedroom apartments should be available by the summer and will rent starting at $400 for studios and $600 for one-bedrooms, said Christopher Piazza, Reverie's president. The company plans to restore original hardwoods, wood windows, soaking tubs and doors in the units, while installing new fixtures in the kitchens and bathrooms including stainless appliances, subway tile backsplashes and hex tile floors. Piazza did not disclose a purchase price for the property at 5230 E. Washington St. Common area features will include bike parking, a gated courtyard with community garden and parking with electric vehicle plugins. The apartments, built in 1927, have an assessed value of $652,000. Property records show the prior owner was a Carmel investor. Reverie owns three apartment buildings in Irvington including Audubon Court and The Reese, and also owns a handful of downtown buildings including Penn Arts at 111 E. 16th St., Piccadilly Apartments at 28 E. 16th St. and the Indy Indie Artist Colony at 26 E. 14th St.

Photo: Bass Photo Archive, Courtesy of Reverie Estates

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