Carmel Center Apartments complex sells for nearly $82M

Carmel Center Apartments is an 18-building, 322-unit colonial-style property that opened in August 2001 at 675 Beacon St. (Photo courtesy Carmel Center Apartments)

The first residential project in Carmel City Center has been sold to a Dayton, Ohio-based property management company.

The sale of Carmel Center Apartments from Louisville-based NTS Development Co. to The Connor Group closed Nov. 29 for $81.9 million, according to Hamilton County property records. The property last sold in 2015 for $47.9 million.

Carmel Center Apartments is an 18-building, 322-unit colonial-style property that opened in August 2001 at 675 Beacon St, southwest of the roundabout at City Center Drive and 3rd Avenue Southwest.

The residential community features one- and two-bedroom apartment units ranging from about $1,200 to $1,600 per month, and three- and four-bedroom, three-floor, for-rent townhouses that begin around $2,300 per month. Details about the community’s occupancy rate were not available.

Amenities include a resort-style pool, fitness center, resident lounge, business lounge and pet spa. The community’s clubhouse and leasing center have both been recently renovated.

The complex overlooks the Carmel Clay Veterans Memorial Freedom Circle and reflection pool and is near the Center for the Performing Arts, Hotel Carmichael and Monon Greenway.

“The Indianapolis area, and Carmel in particular, is an increasingly popular place to live that meets nearly all the criteria—including a strong labor pool, good schools and a business-friendly environment—that we look for when identifying communities to purchase properties in,” Brock Wright, senior vice president of acquisitions at The Connor Group, said in written remarks.

The Carmel Redevelopment Commission partnered with Chicago-based AMLI Residential Properties to build Carmel Center Apartments. The community was the first residential project to open at Carmel City Center in the years after the city broke ground on the massive development in 1998.

Members of Chicago-based JLL, led by Wick Kirby, Amanda Friant, Mark Stern, Matthew Lawton and Sam Grohe, represented NTS Development Co. in the sale.