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. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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