Milhaus Development has completed its financing of Penn Circle apartments in Carmel, Ind. and plans to begin construction this month on 193 units on the approximately six-acre site. The project is one of the first in the area to take advantage of the emerging central Indiana regional transit system.
“One of our goals at Milhaus is to build sustainable buildings and neighborhoods,” said David Leazenby, Principal, Milhaus Development. “The Penn Circle location is perfectly positioned to provide housing for people employed within the North Meridian Corridor. The area has terrific access to growing companies as well as three hospitals. It is also near shopping, cultural and recreational amenities.”
The apartments are within walking distance of the northern stop for the Indy Expresscommuter bus, which is located in the Meijer parking lot across the street from the project. Sidewalks will be added so residents can easily get to the bus and downtown Indianapolis.
“Progressive companies like Milhaus are investing in a future with improved public transit in Central Indiana,” said Ehren Bingaman, executive director of CIRTA, the Central Indiana Regional Transportation Authority. “In addition to providing immediate access to Express Bus service to downtown, the Penn Circle project is well-placed for envisioned transit-oriented development.”
Penn Circle will include studio, one- bedroom and two-bedroom apartments with open concept floor plans and high-end features including granite countertops. The community will also have a pool and an outdoor living room with an outdoor kitchen. Leasing will begin in the Spring of 2012.
Milhaus has partnered with Gershman Brown Crowley, Inc. and the Gene B. Glick Companyon the project. Gershman Brown Crowley has listed a 0.76 acre parcel on the corner of Pennsylvania Street and Old Meridian Street for retail use. The Gene B. Glick Company is serving as the general contractor as well as the property manager. The approximately $20 million investment has been financed by PNC Bank.
This is the third transaction Milhaus has completed since it began less than two years ago. In December 2010, the company partnered with the Gene B. Glick Company to purchase The Maxwell Apartments. In May 2011, Milhaus purchased a commercial shopping center on 1.8 acres in Muncie, Ind. called University Square and is now renovating the building while working with current and potential tenants on leasing arrangements. The company has multiple projects under development, including the Mozzo Apartments in Indianapolis, as well as two apartment properties in Houston, TX.