A 398-unit affordable apartment complex near Broad Ripple is slated for a $10 million overhaul.
The Atlantic Housing Foundation, based in Southlake, Texas, bought North Oaks of Broad Ripple out of foreclosure, Indianapolis City-County Council member Steve Talley said.
“They are going to do a complete renovation,” he said.
Atlantic is seeking city approval for up to $10 million in revenue bonds, which would be backed by the company. Atlantic plans to seek low-income housing tax credits from the Indiana Housing and Community Development Authority to finance the second phase of the renovation.
Atlantic expects to spend the first year addressing basic safety issues, Talley said. “After that, they will undertake a major rehabilitation of the entire property.”
North Oaks, 5018 Lemans Drive, is south of 52nd Street. The complex was built in the early 1960s and went into foreclosure last fall.