Sterling Group Acquires Indianapolis-Area Community

Ver at Proscenium is part of a mixed-use development that also comprises condos, as well as office and retail space. Image courtesy of CBRE

Sterling Group has acquired VER at Proscenium, a 196-unit residential and retail community in Carmel, Ind., from Birkla Investment Group, Yardi Matrix data shows. CBRE arranged the transaction on behalf of the seller.

Delivered in 2021, the property encompasses four buildings, also including two on-site restaurants. Units are divided into studio, one- and two-bedroom floorplans, ranging between 601 and 1,356 square feet. In-unit features include washers and dryers, as well as balconies and patios in select apartments.

Common-area amenities at the 5.3-acre property consist of a fitness center, clubhouse, business center, coworking space and a swimming pool.

Located at 1225 Veterans Way, the community is within walking distance from Rangeline Crossing business center and 1 mile from Merchant’s Square shopping mall. Downtown Indianapolis is some 15 miles south. The property is also 8 miles from The Farm, a 400-unit community under construction in Zionsville, Ind.

The CBRE team that secured the deal included Executive Vice President Steve LaMotte, Senior Vice President Dane Wilson and Associate Ross Wettersten.

Part of a larger development

The community is part of Proscenium, an $85 million mixed-use development spread across 7 acres. Developed in a partnership with Woolpert Inc., the project includes Agora at the Proscenium, a 100,000-square-foot building comprising office space and some 40,000 square feet of retail space, as well as REV at Proscenium, a 22-unit condo building.

The $29 million second phase of Proscenium is already underway and is slated to add 48 rental apartments, seven penthouse condos and some 16,000 square feet for restaurant and office use. Plans also call for Proscenium tavern, a 4,600-square-foot building that will host a steakhouse and a wine/coffee bar.

Deliveries accelerate in Indianapolis

Year-to-date through October 40 communities totaling 8,340 units traded in Indianapolis, a significant drop from the 77 properties comprising 19,263 units that changed hands during the same timeframe in 2022, Yardi Matrix shows. Notable transactions in the area include CenterSquare’s acquisition of Wynne Farms, a build-to-rent community of 50 townhouses, slated for completion in the following months.

According to a recent report from the same data provider, rent growth in Indianapolis stood at 4.8 percent year-over-year through August, exceeding the national average by 330 basis points. In terms of deliveries, 1,369 units were completed in Indianapolis year-to-date through August, already exceeding last year’s total.