Buckingham JV Breaks Ground on Indy BTR Project
The community will include private outdoor spaces.
The joint venture between Buckingham and Onyx+East broke ground on its first build-to-rent community in Brownsburg, Ind., as part of Buckingham’s Mural Collection.
Mural Brownsburg comprises 165 single-family homes, and the first homes will be available in October.
“There is a growing awareness that housing affordability does not discriminate in the Midwest,” Daniele Colbertaldo, director at JLL, told Multi-Housing News. Institutional investors see the value in single-family rentals, which offer an affordable housing choice for Indianapolis residents, he added.
Justin Brown, senior vice president of investments at Buckingham Cos., told MHN, “Build-to-rent has been growing in other markets around the country, and it’s the right time to bring more to the Midwest. BTR strikes a balance between rental convenience and single-family space.”
Today’s lingering high interest rates impact both the affordability of new construction and the supply of resale homes when homeowners are unwilling to walk away from locked-in lower rates, Jake Dietrich, vice president of acquisition & development at Onyx+East, told MHN.
“We can provide nearly 300 high-quality, new-construction homes in desirable areas—all at a monthly cost lower than homeownership,” he said.
Conveniently located
Phase I is being constructed at the intersection of US 136 and Northfield Drive. The three- and four-bedroom homes will range from 1,572 to 2,086 square feet and include private outdoor spaces. Walking paths, a neighborhood clubhouse and a pool are also available to residents.
Brownsburg is the fastest-growing Indianapolis suburb and has been named one of the “Best Places to Live” by CNN Money Magazine and America’s “Best Suburb” by Smart Asset three times.
The area boasts excellent parks, a supportive business environment, a low crime rate, diverse housing options, top-ranked schools and access to world-class medical facilities.
Just 3.5 miles north in Lebanon, Ind., Eli Lilly announced 700 new jobs would be added at two new manufacturing sites within LEAP Innovation Park in Boone County, Ind., where it recently broke ground.
