IBJNews

Flock plans overhaul of Old Northside apartments

Back to TopCommentsE-mailPrintBookmark and Share

Locally based Flock Real Estate Group plans to spend more than $1 million to renovate side-by-side Old Northside apartment buildings in the firm's largest solo project to date.

The three-story brick buildings at the northeast corner of 13th and Alabama streets were constructed in the late 1800s, and were originally known as The Arletta and The Hartwell. The buildings have a total of about 20,000 square feet of living space.

Flock Real estate building 15colThe pair of buildings at 13th and Alabama streets date to the late 1800s. (Photo: Flock Real Estate Group)

Flock plans to rechristen the buildings as The Veston and The Maude, named for prior owners Veston and Maude Hudson. Flock bought the buildings late last year after Veston died.

The purchase price was about $300,000, since the buildings needed a complete overhaul and units were only about 40 percent occupied, said Kurt Flock, who is a principal in the company alongside his wife, Kate.

Plans call for 18 market-rate apartments with refinished hardwood floors, high ceilings, new windows, track lighting and all-new kitchens with stainless appliances. The buildings would have 12 one-bedroom units, three two-bedroom units and three three-bedroom units, with rents from $750 to $1,600 per month.

Flock paid cash for the building and is trying to line up historic tax credits to help finance the renovation. The company may take out a mortgage on the property once it's finished and leased up.

"Small projects like this are tough to finance," Kurt Flock wrote in an e-mail. "There aren't enough units over which to spread the cost of originating bank financing."

Renovations are scheduled to begin in the next few months, with completion and move-ins by August.

Flock is known primarily as a residential real estate brokerage specializing in downtown listings including prominent assignments such as the condomimiums at the Conrad Indianapolis. The company also owns rental properties in the Old Northside and Chatham Arch and manages a handful of other properties for clients.

The downtown apartment market has been on fire for a few years. For 2011, downtown led all central Indiana apartment submarkets with a record occupancy rate of 95.7 percent, according to research from locally based Tikijian Associates.

Meanwhile, average rents grew 4.6 percent in the downtown area in 2011, though that figure was influenced by the arrival of new high-end projects such as CityWay.

ADVERTISEMENT

  • Another Project
    Just an FYI to IBJ: the abandoned church across from the Flock project (southeast corner of 13th and Alabama) is going to renovated into apartments. A construction crew just planted an office trailer in the empty lot on the southwest side corner of 13th and Alabama.
  • business sense
    I don't know about Flock being a model citizen, but this just makes business sense given the high occupancy rate downtown. Once remodeled, those building will be full. Based on my rough calc, at 100% occupancy, he will have annual rent income of $210,000. And I doubt that he will spend more than $1M on renovation (especially since he is talking about looking for tax credits). So, decent cashflow on $1.3M investment. Not to mention long-term appreciation potential of that real estate.
  • Thank You!
    Thank you Flocks! You sound like model citizens. Indy needs more people like you.
  • Flacco
    We just purchased a lot one block away and building a new home!! So excited to see renovations are taking place!!
  • Great for the area
    We live just a couple lots down from the apartment building. It is great to have a local owner fixing these up!

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

    2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

    3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

    4. Does anyone know how and where I can get involved and included?

    5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

    ADVERTISEMENT