{"id":1004097948,"date":"2014-06-06T15:59:38","date_gmt":"2014-06-06T23:59:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=267460"},"modified":"2020-05-12T02:57:23","modified_gmt":"2020-05-12T10:57:23","slug":"herman-kittle-plans-28m-apartment-complex-in-indianapolis-steadfast-income-reit-acquires-222-unit-multi-family-community-in-fort-wayne-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/herman-kittle-plans-28m-apartment-complex-in-indianapolis-steadfast-income-reit-acquires-222-unit-multi-family-community-in-fort-wayne-2\/","title":{"rendered":"Herman &amp; Kittle Plans $28M Apartment Complex in Indianapolis; Steadfast Income REIT Acquires 222-unit Multi-Family Community in Fort Wayne"},"content":{"rendered":"<p><!--[if gte mso 9]><xml><br \/>\n<o:OfficeDocumentSettings><br \/>\n<o:AllowPNG\/><br \/>\n<\/o:OfficeDocumentSettings><br \/>\n<\/xml><![endif]--><\/p>\n<p><!--[if gte mso 9]><xml><br \/>\n<w:WordDocument><br 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mso-ascii-font-family:Calibri;\n mso-ascii-theme-font:minor-latin;\n mso-hansi-font-family:Calibri;\n mso-hansi-theme-font:minor-latin;\n mso-fareast-language:EN-US;}\n<\/style>\n\n\n\n\n<p><![endif]--><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/Oak-Crossing-in-Fort-Wayne-IN.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-267462\" title=\"Oak Crossing in Fort Wayne, IN\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/06\/Oak-Crossing-in-Fort-Wayne-IN.jpg\" alt=\"\" width=\"300\" height=\"208\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Herman &amp; Kittle Properties Inc. is planning the construction of an apartment complex with 211 units in the Fountain Square area of downtown Indianapolis. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.ibj.com\/herman-kittle-plans-28m-downtown-apartment-project\/PARAMS\/article\/47946\" rel=\"nofollow\" >Indianapolis Business Journal<\/a><\/em>, the $28 million project is slated to rise on a vacant 2.6-acre parcel at the corner of College and Maryland Street. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Later this month, the Metropolitan Development Commission will examine Herman &amp; Kittle\u2019s request to rezone the property and allow for multi-family construction. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Plans call for studios, one- and two-bedroom units, with rents ranging from $950 to $1,650 per month. Amenities will include a swimming pool, dog park, rooftop deck, coffee lounge, conference and game rooms, fitness center and bicycle storage.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The site of the planned development is owned by sisters Gina and Tina LaGrotte, who purchased it in 2008 from a subsidiary of Eli Lilly and Co. Ross Reller, director of land services for the Indiana region of Colliers International, is listing the property for $1.85 million.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Called The Vue, the project represents Herman &amp; Kittle\u2019s first venture in the city\u2019s downtown residential market. The company is also the developer of Casey Acres, a 244-unit apartment complex located in the Spring Mill Trails mixed-use development in Westfield. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In regional news, Steadfast Income REIT Inc. has paid $24.23 million for the acquisition of the 222-unit Oak Crossing apartment community in Fort Wayne. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Completed in 2013, the property consists of 12 garden-style buildings with one-, two-, and three-bedroom units that average 1,000 square feet and rent for an average of $952 per month. The community is currently 94 percent occupied and offers a variety of amenities, including a fitness center, swimming pool, clubhouse with a stone fireplace, business center and grilling area. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">&#8220;This is a high-quality property located within a mile from the newly built, highly acclaimed Parkview Regional Medical Center,\u201d Ella Shaw Neyland, president of Steadfast Income REIT, said in a statement. &#8220;We believe the market\u2019s long-term apartment performance outlook looks promising and bright.\u201d<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Oak Crossing is the REIT\u2019s third property in Indiana. The company\u2019s other assets in the state include the 268-unit Lodge at Trails Edge in Indianapolis and the 250-unit Sycamore Terrace in Terre Haute.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">With this latest acquisition, Steadfast Income now owns 67 communities in 11 Midwestern and Southern states.<\/span><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\">Photo credits: www.forrent.com<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Herman &amp; Kittle Properties Inc. is planning the construction of an apartment complex with 211 units in the Fountain Square area of downtown Indianapolis.<\/p>\n","protected":false},"author":1269,"featured_media":1004505820,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21742],"tags":[1815],"class_list":["post-1004097948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Herman &amp; 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