Ironworks at Keystone in Indianapolis Undergoes Management Transition

Buckingham Cos. successfully ended the asset stabilization agreement for Hendricks Commercial’s mixed-use development.

Indianapolis—Buckingham Cos. has transferred the property management responsibilities at Ironworks at Keystone, a live-work-play development in Indianapolis, back to Hendricks Commercial Properties.

Ironworks at Keystone in Indianapolis

Ironworks at Keystone

The asset stabilization agreement ended on a positive note, as both the residential and commercial components at Ironworks are more than 90 percent occupied.

“Hendricks has greatly benefited from Buckingham’s expertise and market knowledge at Ironworks, and they’ve been a great partner in the Indianapolis market,” Rob Gerbitz, president & CEO of Hendricks Commercial Properties, said in prepared remarks.

Hendricks Commercial began construction on the Ironworks at Keystone apartment and retail development in 2013. The project comprises 120 high-end apartments and 36,000 square feet of ground-level retail space. Under the original terms of the agreement, Buckingham Cos. acted as the managing agent for the property to ensure lease-up, operations and maintenance of the mixed-use building during the property’s development. The arrangement has led to a 97 percent residential occupancy rate and a 92 percent commercial occupancy rate.

Earlier this year, Hendricks Commercial also broke ground on the adjacent 120-key Ironworks Hotel Indianapolis, the first boutique hotel on the north side of the city.

Buckingham Cos. has a positive track record of acting as asset manager for several properties in central Indiana, including a 2015 management services agreement with the owner of Devonshire Apartments near Center Grove, helping to cut vacancy rates from 29 percent to 4.7 percent and turn around failing operations in less than a year. The company also has a partnership with Sundance Bay to complete a full renovation and manage the 392-unit Willowbrook Lake Apartments at 4724 Round Lake Road in Indianapolis through 2018.

“We’re extremely proud of our Buckingham property management team, which skillfully works through the challenges and tasks of managing assets and maximizing investments,” added Scott Sladek, executive vice president of Buckingham Cos. “Our first priority is our residents, and every property we develop, own or operate incorporates their needs at the forefront of all our planning.”

Image courtesy of Hendricks Commercial Properties