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. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

    2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

    3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

    4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

    5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.

    ADVERTISEMENT