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Property Lines - Scott Olson

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

Demand is steady for Maxwell Apartments

October 27, 2009

Locally based Barrett & Stokely Inc. has taken over management of The Maxwell Apartments downtown at 530 E. Ohio St. and found tenants for about half of the available units. The $24-million project, originally planned as condos, was developed by Kosene & Kosene. Part of the building now serves as Kosene's headquarters. But the company earlier this year decided to convert the residential units into apartments and turn over management to Barrett & Stokely, which owns and manages apartments at Riley Towers and Canal Square. Gerry Kosene said the company is renegotiating a loan with Star Financial and still controls the project, which includes first-floor retail space available for lease. Monthly rates for the apartments range from $850 for a 577-square-foot studio to $1,800 for a 1,543-square-foot two-bedroom. About 80 percent of the 100 or so apartment units are ready for occupancy and about half of those have been filled, said Alex Stokely, vice president with Barrett & Stokely. Interest has been steady, particularly for the studio and one-bedroom units. The higher end spaces haven't leased up as fast, he said.

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