Milhaus Announces $38M Apartment Addition to Condos
- Jul 20, 2012
Milhaus Development recently closed a construction loan with PNC Bank to build new residences at the Solana Apartments at the Crossing, a $38 million expansion of the former Renaissance Bay condominiums on the north side of Indianapolis.
The first phase of the project includes 312 apartments which will be added to the existing 24 units. Forty-six additional apartments are planned for the second phase, the company said.
Located near the Fashion Mall, on a lake next to the White River, the community will include studio and one-, two- and three-bedroom units with granite countertops, upgraded appliances and hard-surface floors in the kitchens and bathrooms. The apartments will range between 536 and 3,058 square feet, with rents from $725 to $2,850. Residents will have access to a pool, fitness room, jogging trail and outdoor kitchen.
The Indianapolis-based developer has selected the Gene B. Glick Company to build and manage the apartment community. Leasing is now underway for the existing units, with move-in dates as early as August, while construction of the new apartments is scheduled to begin this month.
Milhaus Development is a real estate investment, development and construction company that focuses on walkable, urban environments. The Solana Apartments community is the sixth project for Milhaus, since the company was founded less than 3 years ago.
Apartment demand has been on the rise in the Indianapolis metro area, as more companies are being attracted by the region’s educated workforce. During this year’s third quarter, vacancy dropped below 5 percent in half of the area’s submarkets. Developers have also been active, completing more than 345 apartments in the first half of the year, although this is 29 percent below the number of units developed in the same period last year.
According to a recent report released by Marcus & Millichap, rising demand will push rents higher this year. It is estimated that the average asking rent will reach $690 per month, a 2.4 percent annual increase, while effective rents are expected to advance by 3 percent to $655 per month.
Photo credits: www.solanaapts.com.
Charts courtesy of Marcus & Millichap.