JVM Completes Renovation in Indianapolis
- Dec 14, 2018
JVM Realty has completed the renovations for Circa Apartments, a 265-unit luxury community in Indianapolis. Renovations included upgrading some common-area amenities.
Located in the Mass Ave Arts District, the five four- and five-story buildings sit on approximately 3.7 acres at 617 N. College Ave., near downtown Indianapolis. Circa offers convenient access to Purdue University Indianapolis campus and Fountain Square, a neighborhood providing access to various shopping and entertainment venues.
The community features a mix of studios, loft/studios, one-, two- and three-bedroom units ranging from 472 to 1,460 square feet. The company included an expanded off-leash pet park, a new pet-washing station, an automated package room with 24-hour access, an upgraded fitness center, a coworking lounge, a new one-bedroom model units, as well as a redesigned clubhouse with billiards table, new furniture for the resident lounge and new furniture for the pool and sundeck.
Common-area amenities include:
- fitness center
- swimming pool
- outdoor kitchen
- grilling stations
According to data provided by Yardi Matrix, the community last traded in 2017 when Milhaus Development sold the asset for $48 million, or $181,132 per unit. As of October, Circa had a 99.6 percent occupancy rate.
“When you combine these updated common-area features with our marketing and revenue management capabilities, we believe the stage is set for Circa to perform extremely well over the long term and deliver strong returns,” said Jay Madary, president & CEO of JVM, in a prepared statement.
In another recent deal, JVM Realty acquired Summit Ridge Apartments, a multifamily community in Lee’s Summit, Mo.
Image courtesy of Yardi Matrix