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Apr. 15, 2014

Pittman, Barrett & Stokely Plan $35M High-End Multi-Family Community in Carmel

by Adriana Pop, Associate Editor

Construction could soon begin on a luxury 14-building, 256-unit apartment community near the Monon Greenway in Carmel.

According to the Indianapolis Business Journal, developer Pittman Partners and multifamily specialist Barrett & Stokely Inc. are planning to build the $35 million complex known as The Seasons of Carmel on 21 acres at Westfield Boulevard and 98th Street.

Upon completion in about a year, the complex will offer a mix of one-, two- and three-bedroom apartments, each with its own garage. Amenities will also include a swimming pool, a fitness center, multi-use trails connecting to the Monon, a cyber café, and community meeting space.

Pittman Partners principal Steve Pittman told the newspaper that the new apartments would lease for an average of $1.15 per square foot, a high rate considering that the average rents in Carmel, Westfield and Zionsville range from 74 cents per square foot to $1.23 per square foot, according to Tikijian Associates.

Other multi-family properties developed by Barrett & Stokely Inc. in Carmel include the Main Street on the Monon (pictured) and the Old Town on the Monon.

In regional news, the Indianapolis Business Journal reports that The Lofts at Roberts apartments in downtown Muncie are about to welcome their first tenants.

Developed by Miller Valentine Group of Cincinnati, the property resulted from the renovation of the former Roberts Hotel, a historic structure which dates back to the 1920s.

The $17 million redevelopment brought 83 one- and two-bedroom residences reserved to income-eligible renters who are 55 and older. Due to the particular features of the historic building, residents may choose between 27 different floor plans.

Amenities include controlled-access entry, energy-efficient design and appliances, fully equipped kitchens with breakfast bar, on-site management, 24-hour emergency maintenance, high-speed Internet, a community lounge, fitness center, business center and theater room.

Photo credits: www.mainstreetonthemonon.com

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