{"id":1004120099,"date":"2015-05-26T08:30:21","date_gmt":"2015-05-26T16:30:21","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=349829"},"modified":"2020-04-01T01:46:08","modified_gmt":"2020-04-01T09:46:08","slug":"flaherty-collins-seeks-equity-partner-for-85m-plus-apartment-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/flaherty-collins-seeks-equity-partner-for-85m-plus-apartment-development\/","title":{"rendered":"Flaherty &amp; Collins Seeks Equity Partner for $85M-Plus Apartment Development"},"content":{"rendered":"<p><em>by Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Axis-Multifamily-in-Indianapolis.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-349830\" title=\"Axis Multifamily in Indianapolis\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Axis-Multifamily-in-Indianapolis.jpg\" alt=\"\" width=\"300\" height=\"216\" \/><\/a>Flaherty &amp; Collins Properties has recently completed the first phase of the Axis apartment community in downtown Indianapolis and is currently looking for an equity partner.<\/p>\n<p>According the <em><a href=\"https:\/\/www.ibj.com\/\" target=\"_blank\" rel=\"nofollow\" articles\/53208-flaherty-shopping-stake-in-axis-development\">Indianapolis Business Journal<\/a><\/em>, the company intends to sell a portion of the complex since the project exceeded its $80 million budget by more than $5 million. This increase resulted from higher-than-expected construction costs and other cost overruns.<\/p>\n<p>Bordered by Michigan and Vermont streets and Capitol and Senate avenues, the initial portion of the Axis development features 336 rental units. It is anchored by a 42,000-square-foot Marsh grocery store and is currently 70 percent leased. Flaherty &amp; Collins has appointed CBRE to market the project, which broke ground in February 2013.<\/p>\n<p>Construction on the second phase of Axis, which entails an investment of $35 million, is scheduled to begin within 12 months. It will proceed regardless of whether the company finds a partner for the first phase of the development, CEO David Flaherty told the newspaper.<\/p>\n<p>The new building is slated to rise on a triangle-shaped parcel between Senate and Indiana avenues and will include 160 apartments and up to 10,000 square feet of retail space.<\/p>\n<p>Flaherty &amp; Collins also developed the 218-unit Cosmopolitan on the Canal in downtown Indianapolis, for which it spent $33 million. The company sold a portion of the complex, which is nearly adjacent to Axis, to an out-of-state institutional investor in 2011. Flaherty continues to manage the property and will do the same at the Axis community.<\/p>\n<p>Flaherty &amp; Collins\u2019 search for an investor begins as the company prepares to break ground on its largest development yet\u2013the 28-story 360 Market Square mixed-use tower which will rise on part of the former Market Square Arena site. Upon completion, the $121 million project will bring 292 luxury apartments and a retail portion anchored by a Whole Foods store.<\/p>\n<p><em>Photo credits: Flaherty &amp; Collins Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flaherty &amp; Collins Properties has recently completed the first phase of the Axis apartment community in downtown Indianapolis and is currently looking for an equity partner.<\/p>\n","protected":false},"author":260,"featured_media":1004506298,"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":[],"class_list":["post-1004120099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flaherty &amp; Collins Seeks Equity Partner for $85M-Plus Apartment Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/flaherty-collins-seeks-equity-partner-for-85m-plus-apartment-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flaherty &amp; Collins Seeks Equity Partner for $85M-Plus Apartment Development\" \/>\n<meta property=\"og:description\" content=\"Flaherty &amp; Collins Properties has recently completed the first phase of the Axis apartment community in downtown Indianapolis and is currently looking for an equity partner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/flaherty-collins-seeks-equity-partner-for-85m-plus-apartment-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-05-26T16:30:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T09:46:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Axis-Multifamily-in-Indianapolis.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/flaherty-collins-seeks-equity-partner-for-85m-plus-apartment-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/flaherty-collins-seeks-equity-partner-for-85m-plus-apartment-development\/\",\"name\":\"Flaherty &amp; 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