Luxury apartments going up just outside Zionsville

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.

(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.