New deals add to robust year in apartment sales
The number of transactions has more than doubled compared with last year, a spike in deal flow caused by healthy occupancy rates and a combination of ample supply and low borrowing costs.
The number of transactions has more than doubled compared with last year, a spike in deal flow caused by healthy occupancy rates and a combination of ample supply and low borrowing costs.
Rookwood Custom Builders LLC bought 17 acres at Fishers Marketplace, at the northeast corner of State Road 37 and 131st Street in Fishers. The price wasn’t disclosed. The buyer, which plans to develop the 300-unit Addison Landing apartments on the eastern portion of the site, represented itself in the transaction. The seller, ONB Realty I LLC, was represented by Ashlee Boyd and Chris Hake of Thompson Thrift Development.
Residents of an area near the intersection of Central Avenue and 16th Street are sparring with owners of a site on its northwest corner who want to build a gas station there. The neighbors had other hopes for the spot, as part of their plans for a pedestrian-friendly 16th Street corridor.
The Carmel Police Department is investigating a series of wheel thefts at apartment complexes over the past month. The suspects jack up the vehicles, steal all four wheels, then leave the vehicles on concrete blocks. The Lakes of Carmel, Woodland Springs Manor and Main Street on the Monon have been hit by the thieves. The thieves apparently got interrupted during one theft attempt and left just one lug nut on each wheel of a targeted car. The car’s owner heard something while driving and pulled over before a wheel could come off.
The developer of downtown’s Cosmopolitan on the Canal is nearing a deal to sell a stake in the building to an investor in a move that could free up capital to launch a $24 million second phase.
A real estate brokerage picked by the city to spearhead redevelopment of a prime Mass Ave parcel occupied by the Indianapolis Fire Department stands to collect a million-dollar-plus payday if it closes the deal.
The local arm of a California-based developer of affordable housing is planning to invest up to $10 million in a 60-unit complex at 20th Street and the Monon Trail.
CHIP, the Coalition for Homelessness Intervention and Prevention, said it wants Marion County taxpayers to create a permanent, dedicated source of funding for housing and services.
Two teenagers hit by a car Saturday evening in Indianapolis are expected to recover, the families of both victims said. Ram Kahm, 17, and Van Sang, 18, were crossing Madison Avenue about 6:15 p.m. when they were struck, police said. Sang suffered head injuries and broken bones. He was upgraded from critical to serious condition after surgery Saturday night. Kahm was released from Wishard Hospital early Sunday after suffering bruises to his head and back. Police said the 70-year-old driver did not see the teens when they ran across the street by Green Tree Apartments in an area with no lights and no crosswalk.
The 500-location menswear chain Jos. A. Bank is opening a street-level storefront location on a once-blighted block of East Washington Street, and the vote of confidence from such a growing national retailer could help persuade other stores to give downtown a look.
Indianapolis police say a 64-year-old woman died Monday night after she was hit by a car that drove away before she was struck again by another car. Brendalin Sanders was walking near Covered Bridge Apartments, just south of 71st Street and Georgetown Road, about 10:30 p.m. when she was struck by a passing vehicle that fled the scene. Witnesses told investigators at least four vehicles stopped, possibly to help the woman, who was lying in the southbound lanes of Georgetown. Then, a second vehicle struck and dragged the victim about 350 feet. The driver of the second car remained at the scene. Police are looking for a maroon Ford Taurus or maroon Mercury Sable with heavy passenger-side damage.
A multimillion-dollar makeover now under way at The Fashion Mall at Keystone will add an upscale food court and about 20 stores, many of them new to Indianapolis.
Most buyers are bottom-fishers, investors looking for better returns or companies wanting their own building.
A survey of developers suggests up to 3,438 new units could hit the rental market next year, which would be the highest total since 1987, when central Indiana gained about 4,500 units.
Plants in Indiana and other states are slowly expanding as car companies foresee improved sales due to pent-up demand, population growth and an aging vehicle fleet.
A local developer plans to invest more than $54 million to build apartment communities adjacent to the Rivers Edge shopping center in Indianapolis and Metropolis in Plainfield.
City leaders and economic development officials planned to pay tribute Oct. 28 to Bush Stadium’s historical significance before work begins to convert the venue into loft apartments.
Two veterans of vintage retail are teaming up to open a store on a near-east-side corridor that’s getting renewed attention from the 2012 Super Bowl Legacy Project.
The principal developer of Carmel’s City Center, Pedcor Cos., is working with city officials on plans for a four-star boutique hotel that likely would cost at least $32 million to build and may require an additional city subsidy.
Indianapolis fire crews have contained a fire that broke out at Michigan Apartments at 3800 West Michigan St. in Wayne Township at 10:20 Thursday morning. Firefighters rescued two people from the third floor. No injuries were reported. One unit on the second floor sustained heavy damage. The cause is under investigation.