Milhaus to Build on Downtown Land Bought from City for $1; Annex Student Living Acquires Five Midwest Residential Properties for $41M
- Oct 24, 2014
by Adriana Pop, Associate Editor
Milhaus Development LLC is planning the construction of an unusual apartment building on a thin block-long stretch of land in downtown Indianapolis.
According to the Indianapolis Business Journal, the developer has agreed to purchase the property from the city for $1 and build a five-story, one-unit-thick residential complex with 52 apartments.
The strip of land is located along the north side of Market Street between New Jersey and East streets.
Milhaus originally proposed to lease the property and receive subsidies to build the project, which the city refused. The company will now develop the complex without incentives. It expects to begin construction this winter and finish by next summer.
“It takes land that has little to no potential and turns it into a significant tax generator,” Adam Thies, executive director of the city’s Department of Metropolitan Development, told the newspaper.
Milhaus has also built the $30 million Artistry apartment complex between Market and Washington streets and is currently developing the project’s second phase, the $32 million two-building Mentor and Muse to the west (pictured). Upon completion, the three structures will comprise a total of 500 apartments.
In other news, the Inside Indiana Business reports that Indianapolis-based student housing developer Annex Student Living is investing $41 million into the development and acquisition of five Midwest apartment properties.
The portfolio includes The Annex of Columbus (Indiana), a new development with 112 beds; The Annex of Richmond (Indiana), a new development with 216 beds; The Annex of Murray (Kentucky), a new development with 268 beds; The Annex of Marion (Ohio), a new development with 192 beds; and The Annex of Lima (Ohio), an acquisition of a 126-bed property.
The complexes will be ready for occupancy by the Fall 2015 semester.
The new additions account for more than half of the developer’s portfolio growth over the last 12 months. Most recently, the company has added three student apartment communities to its assets in Indiana with an investment of $18.5 million. The properties are located in Kokomo, South Bend and Vincennes and were ready for occupancy at the start of the Fall 2014 semester.
Annex currently has nearly 1,500 beds in its portfolio valued at $75 million. It expects to reach $100 million by 2016.
Photo credits: Milhaus Development
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