Argosy Real Estate Partners Acquires Opportunity Zone Site for Multifamily Development in Indianapolis
We are pleased to announce that Argosy Real Estate Partners has acquired an approximately three-acre, fully-entitled site in Indianapolis, IN for the ground-up development of Rise on Meridian, a 269-unit multifamily community with 3,500 square feet of ground floor retail. The project is located in the Old Southside neighborhood of downtown Indianapolis within several blocks walking distance to both Eli Lilly’s (Fortune 500, NYSE: LLY) urban campus / corporate headquarters and Lucas Oil Stadium (home of the Colts NFL Franchise).
The development will consist of a six-story building (five levels of wood-frame construction on top of a one level concrete podium garage structure) with an adjacent surface parking lot. The Project will feature a mix of studio, one-bedroom, and two-bedroom units. Amenities will include a fitness center, lounge, bicycle storage space, dog park, co-working space, BBQ stations, a courtyard, and a second-story communal balcony. The project will have both garage and surface parking available.
The project will be developed in partnership with TWG Development (“TWG”), an Indianapolis-based, vertically-integrated, real estate development company specializing in commercial, market rate, affordable, and senior housing developments. Since its inception in 2007, TWG has completed over $1.3 billion in total development across conventional, low-income housing tax credit (LIHTC), adaptive reuse, urban / suburban infill, acquisition rehab, and mixed-use residential projects in 16 states.