Florida-based developer proposes build-to-rent community in Carmel

Homes in the proposed LEO Living Cottages and Multi-family development would include cottage, duplex, carriage and townhouse-style residences. (Rendering courtesy city of Carmel)

Florida-based Advenir Oakley Development LLC is proposing to construct a rental home community in the Legacy development on the northeast side of Carmel.

The developer filed plans with the city to build 230 single-family attached and detached homes and 120 garden-style apartments. The residential community would be called Leo Living Cottages and Multifamily.

The proposal will be presented to the Carmel Plan Commission on Sept. 20.

The 400-acre Legacy mixed-use development has been in the works for more than a decade. Current housing communities include multiple single-family home subdivisions and the $28 million Legacy Towns & Flats, which opened in 2010.

The 32-acre build-to-rent project would be on the north side of Legacy, which is along the south side of East 146th Street and west of River Road.

Advenir Oakley will also propose constructing a 1,500-square-foot clubhouse with a leasing office and a fitness center that would anchor a 1,950-square-foot swimming pool.

The amenities would be for residents of the build-to-rent community, who would not be permitted to use recreational facilities in other parts of Legacy.

LEO Living Cottages and Multifamily would also have pocket parks, open space and landscaping.

The development would include cottage, duplex, carriage and townhouse-style homes that would have one, two and three bedrooms and range in size from 1,064 to 2,173 square feet.

The Legacy Planned Unit Development controls zoning at the site, and Advenir Oakley will ask for several amendments to the PUD at the Carmel Plan Commission meeting.

The amendments include increasing the number of dwelling units allowed at Legacy from 1,250 to 1,447, according to documents filed with the city.

Legacy residents who contacted the city via email expressed concerns about traffic and property values, according to documents filed by the city in the project’s information packet.

The project adds to the number of build-to-rent communities proposed in recent weeks in Hamilton County.

On Aug. 22, Ohio-based AMH Development LLC presented initial proposals to the Noblesville City Council for two rental-home communities that would total up to 168 new houses.

Corporate ownership of single-family homes has become a contentious topic. Fishers Mayor Scott Fadness requested a review earlier this year of large out-of-state investors who buy homes and offer them as rentals.

Advenir Oakley formed in 2020 following a merger between Miami-based Advenir Living and Birmingham, Alabama-based Oakley Group. The company currently has build-to-rent communities in Alabama, Georgia, South Carolina and Texas.

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7 thoughts on “Florida-based developer proposes build-to-rent community in Carmel

  1. As a resident within Legacy I am not happy about this at all. Tell the master developer to stick to the PUD. He bought the site for Close to nothing from Star bank. (he is also married to a family member of the family that owns the bank oddly enough). He has made a fortune selling lots during the housing boom the last 5 years. I know these build to rent developers are paying a premium per acre but this is silly. Stop the greed and stick to the plan. I urge our great zoning and BZA officials in Carmel to shoot this down. The only parcel within the PUD that should be “reconsidered”is the section zoned office and it should not be for rentals. JDF out.

  2. Every community in our state is suffering from a housing shortage. When you continue to see signs begging for employees- the primary reason is those workers cannot afford to live in your community and there is no public transportation for them to get there to work, from the locations where they can afford to live. Rents are at an all time high- people are struggling to survive right now. That may be hard to see from where some of us sit every day, but it is a reality for most. Not too mention- there is an increasing percentage of residents who are shifting from home ownership to rentals; for various reasons. Some are too old to take care of their property, some are cashing out and moving into a rental with no responsibilities of maintenance so they can travel or do whatever they want, some are down sizing…the list is endless, but it is a reality for every community. As every HOA in the state are in the process of amending covenants to not allow rentals in their neighborhoods- where do you want people to live, who cannot afford to buy? These rental communities are needed- if we like them or not. We have to find a balance in every community or we may end up with problems we never imagined.

  3. Where can our children live? Recent grads and/or young families need affordable housing to start their lives. If we want our children and grandchildren to live near us (the older Carmel homeowners) where can they go? Just asking.

  4. There are plenty of undeveloped pieces of land that can be developed into multi family and rentals. I am not against the concept at all if built in the right location. I am actually a developer myself and considered a JV with a Build to rent developer recently. This developer is not trying to “solve the affordable housing issue”. The site mentioned in this proposal was master planned within a PUD for specific uses. The owners that have spent 700k plus on their homes immediately next door thought they knew what they would have next door. Now that plan is being changed potentially. These rentals will not be priced for the workers that we desperately need in Hamilton county. (I am also a restaurant owner that is very short staffed at all my locations). I respect your opinion and if the city wants this to happen it will happen regardless of what I think. I just believe that they can find sites for this use that are not master planned within a PUD. Thx

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