The Fair Housing Center of Central Indiana and 11 partners in other states have reached a settlement agreement with a New York-based operator of senior-living apartments, including several in the Indianapolis area.
Rental prices nationwide are up nearly 15% from a year ago and almost 25% from 2019, according to the real estate company Zillow.
The Rev would include 36 condominiums ranging from $600,000 to $1 million, 23,000-square-feet of commercial and office space, and a parking garage.
Plans call for the apartments to be constructed at the northwest corner of 96th Street and Allisonville Road as part of a larger, $96 million development.
Plans call for the Springwater development to have 90 residences that will include 32 townhouses, 25 traditional single-family homes and 33 large single-family homes.
A principal for the house’s new owner says the firm plans to spend about $1.5 million to create upscale apartment units. Originally built in 1953, the home became known for its jumbled design styles, random statuary, oddly shaped windows and a plethora of indoor and outdoor staircases.
The figures reflect a cooling market as the Federal Reserve raises interest rates to soften demand in the broader economy and tame decades-high inflation.
Driven by some of the strongest returns in real estate, investors have shaken up a once-sleepy sector that’s home to more than 22 million mostly low-income Americans in 43,000 communities.
Applications for newly built houses are continuing to trail last year’s pace in central Indiana, but homebuilders remain busy, according to the Builders Association of Greater Indianapolis.
Mortgage applications have declined sharply while sales of previously occupied homes have fallen for five straight months, during what is generally the busiest time of year in real estate.
The high-end townhouses would be constructed on 11 acres of land at the Westfield Yard Planned Unit Development District near State Road 32 and Gray Road.
The active inventory of for-sale homes rose 47% from the previous month in central Indiana. Higher inventories could help bring down prices in coming months.
The three proposed projects would add 471 living units to the 220-acre development south of Grand Park Sports Campus.
The properties, which total 2,103 units on more than 165 acres, have seen significant rent growth in recent years and likely will see more after renovations by the new owner.
Before purchasing their Meridian Street home, Jakob and Colette Wiesen lived almost directly behind it, on Illinois Street. During those years, they sat in their backyard and imagined what they might do with the beautiful 1927 Mediterranean Revival home and yard they could see.
The Low-Income Housing Tax Credit program, in conjunction with the Multifamily Tax Exempt Bonds, are used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.
Builders are coming off their busiest year since 2005, but single-family building permits have fallen on a year-over-year basis in every month of 2022.
The Noblesville City Council heard proposals this week for two separate residential real estate developments that would create nearly 130 new residences in the city, including more 75 high-end homes near a golf course and 50 affordable-housing options.
Promontory of Zionsville would include 80 homes ranging in cost from $1.5 million to $4 million.
Integra Builders has held the one-acre lot at the southwest corner of North Park Avenue and East North Street since January 2020, when previous owner Litz & Eaton Investments LLC sold the site as part of a messy split between the firm’s principals.
