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Jan. 25, 2013

Flock Real Estate to Spend $1M Renovating Historic Apartment Buildings in Indianapolis

by Adriana Pop, Associate Editor

Two Old Northside apartment buildings at the northeast corner of 13th and Alabama streets in Indianapolis are about to get a $1 million makeover. Built in the late 1800s, the three-story properties comprise approximately 20,000 square feet of living space.

The Indianapolis Business Journal reports that locally based Flock Real Estate Group will apply for historic tax credits to finance the renovation project. Upon completion, the buildings will offer 12 one-bedroom units, three two-bedroom units and three three-bedroom units, with refurbished hardwood floors, high ceilings, new windows, track lighting and new kitchens with stainless appliances. Rents for the 18 market-rate units will range between $750 and $1,600 per month.

Renovation work is expected to begin in the next few months and be complete by August. Flock Real Estate Group purchased the properties known as The Arletta and The Hartwell late last year for about $300,000. The company will now rename the buildings The Veston and The Maude, after their former owners.

In regional news, Samaritan Properties of Plainfield, Ind. has recently purchased the Abbey Court Apartments, a 250-unit garden apartment community in Evansville (pictured). According to the RE Journals, Tikijian Associates represented the seller, Indianapolis-based Hearthview Residential.

Built in 1976, the property features a unique architecture in a terrific location, with easy access to Green River Road and Lloyd Expressway. Amenities include a swimming pool with sundeck, a fitness center, a play area, a business center and an expansive clubhouse.

In 2010, Hearthview Residential purchased the community from lender Berkadia Commercial Mortgage following property’s foreclosure. Hearthview then renovated the property and changed its name from Stonehedge to Abbey Court.

Photo credits: www.abbeycourtapts.com

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