JV Acquires Indianapolis-Area Property

The Jackson Run Townhomes are located outside of Indianapolis. Image courtesy of Hudson Investing and Midloch Investment Partners

Hudson Investing and Midloch Investment Partners have acquired a build-to-rent community in metro Indianapolis. Jackson Run Townhomes, an 84-unit, Class A asset featuring two-story townhouses is located in Whiteside, Ind., northwest of Indianapolis.

Completed in 2023, Jackson Run Townhomes features both three- and four-bedroom units that average 1,897 square feet. Features and finishes of residences include two-car garages, master bathrooms with walk-in showers and ADT home security systems.

Hudson intends to make a number of upgrades to the amenities at Jackson Run, including expanding and improving the community’s pet park and adding an outdoor gas grilling pavilion.

The company anticipates attaining operational efficiencies and synergies with the other properties it operates in the Indianapolis metropolitan area.

Local lender

“The current interest rate environment is a challenge,” Kent Ritter, founder and CEO of Hudson, told Multihousing News. [To address] we leveraged a smaller, local lender with intimate knowledge of the market, who was comfortable with the strong demand drivers in the area. We worked with them on a longer-term fixed-rate loan to secure our investment and avoid interest rate risk. JLL sourced the lender for us.”

Jackson Run Townhomes is proximate to Interstates 65 and 465, providing access to downtown Indianapolis, as well as an enormous employment center called the LEAP District. Backed by Eli Lilly, the Limitless Exploration Advanced Pace Research and Innovation District features 9,000 acres in Lebanon and Boone County, controlled by the Indiana Economic Development Corporation. That acreage will be parceled by IEDC for manufacturing, R&D facilities or corporate campuses. Several months ago, Connor Group acquired a multifamily community in the northern Indianapolis suburb of Carmel, Ind.