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A Carmel-based multifamily developer plans to build a new luxury apartment community in Plainfield.
J.C. Hart Co. has already begun moving dirt for the construction of the Crossing 5 Towns & Flats, after securing a joint venture partnership on the project earlier this fall with Carmel-based private equity firm BAM Capital.
The project is expected to feature 315 apartments on a 15.7-acre site at the northwest corner of Smith Road and East County Road 300 South.
Set for completion in 2026, Crossing 5 is expected to comprise 23 buildings totaling 313,000 square feet of rental space. Amenities will include a clubhouse, fitness center, swimming pool, pickleball courts, a dog park and a gazebo, according to a online presentation of the property from BAM. It also will offer co-working space.
Located north of The Shops at Perry Crossing shopping center, Crossing 5 is expected to offer at- and above-market rate units ranging from one to three bedrooms. There will also be townhouse and cottage-style units.
The cost of the project was not immediately available. A representative for J.C. Hart did not return calls requesting comment. BAM referred questions about the project to a media release that didn’t have the cost.
J.C. Hart is developing the three- to four-story project through the joint venture with BAM Capital, which will also serve as the financing arm on the project. BAM is a subsidiary of The BAM Companies, an institutional real estate owner and operator that offers investors real estate investment opportunities.
“Plainfield, Indiana, is a particularly attractive submarket for developers and investors alike, largely due to the increased rent growth the region is experiencing,” Ivan Barratt, founder and CEO of The BAM Companies, said in a media release. “We are excited to collaborate with J.C. Hart on this project, who has a proven track record in this market and is known for developing world-class communities.”
J.C. Hart is the 19th largest commercial real estate developer in the Indianapolis area, according to IBJ research. It completed or was working on 2 million square feet of apartment projects in 2023.
Its portfolio comprises 6,693 luxurious apartments across 25 communities in the Midwest.
BAM has previously acquired two other J.C. Hart Co. projects: Pebble Brook Village in Noblesville, which is now owned by Indianapolis-based Birge & Held, and The Ivy Tows and Flats in West Lafayette.
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