CenterSquare Acquires Indiana Community

The build-to-rent Wynne Farms townhouses are located in the Indianapolis suburbs.

CenterSquare, which has a nationwide portfolio of multifamily properties, acquired The Point at Biscay in Aurora, Colo., in 2020. Image courtesy of JLL

CenterSquare Investment Management has acquired Wynne Farms, a build-to-rent community of 50 townhouses situated 11 miles northwest of Indianapolis. The property, which is under construction in Brownsburg, Ind., is slated to deliver sometime between September 2023 and February 2024.

Located at 2985 Townsend Road, Wynne Farms’ townhouses offer three-bedroom, two-and-a-half-bathroom floor plans with 1,760 square feet of living space. Features include open-concept designs, Ring doorbell and security systems and two-car garages.

Limited supply in Indy area

Despite Indianapolis’ anticipated growth in the coming years, locations like Brownsburg enjoy limited new supply, a CenterSquare executive said in a statement. The firm’s BTR strategy in the Midwest focuses on built properties featuring townhouses and single-family detached homes.

Brownsburg’s low crime rate and good public schools consistently place it near the top of Hoosier State small town rankings. Wynne Farms Townhomes will be located within three miles of three separate shopping centers. Five parks or recreational areas are within an approximately 20-minute drive from the property. Four colleges and universities are situated within 30 minutes from the community.

This transaction represents CenterSquare’s third SFR deal in the Midwest. Other companies that have recently invested in the area include TWG, which has announced a 44-unit affordable development in West Baden Springs, Ind., earlier this year.

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