Luxury apartments going up just outside Zionsville

December 27, 2013
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Luxury apartment developer Watermark Residential has started work on a $23 million multifamily community planned for the Whitestown-Zionsville border.

Dubbed The Villas by Watermark, the 24-building complex will have 266 living units—a mix of one-, two- and three-bedroom apartments—plus the expected pool and clubhouse, walking trails and a more unusual amenity: a private dog park and heated dog wash.

About half of the upscale apartments will have attached one- or two-car garages, said development manager Matt Griffin.

Watermark
                              Residential, Whitestown rendering(Rendering courtesy of Watermark Residential)

The 19-acre community is located on the south side of Whitestown Parkway, east of County Road 700E and west of M/I Homes’ Maple Grove neighborhood. Although the property is in Whitestown, it is served by Zionsville schools, Griffin said.

Another developer is planning a small commercial park along Whitestown Parkway just north of The Villas. A private road will be built between the projects, connecting Maple Grove Boulevard to 700E.

Indianapolis-based Watermark has developed seven apartment communities in Indiana, Texas, Kentucky, Tennessee, Oklahoma and Alabama. It has seven more under construction, including the $22 million Watermark on Cumberland in Fishers.

The company’s ownership includes the principals in Terre Haute-based Thompson Thrift, which handles construction duties for its projects.

Griffin said Watermarks’ upscale communities tend to attract “renters by choice,” a demographic willing to pay a little more than the market demands. For example, a 1,000-square-foot apartment will rent for about $1,100-$1,200, he said.

The draw: Perks like a resort-style pool area with a sundeck and barbecue grills, and a clubhouse featuring a 24-hour fitness facility, kitchen and theater.

“It’s highly amenitized,” Griffin said.

Full buildout will take about 18 months, he said. The first units should be ready to lease by late summer or early fall.

Occupancy rates in the Zionsville/Whitestown market averaged almost 95 percent in 2013, according to statistics compiled by local apartment brokerage Tikijian Associates. The area now has six multifamily properties with a total of 1,320 living units.

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  • Welcome to Zionsville
    It's always good to hear of new construction, and these apartments sound very nice. There are plenty of renters out there looking for something like this. I think these will fill up very quickly! http://www.homesaleindy.com

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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