Apartment complex is first of many planned developments on site
Strategic Capital Partners, LLC (SCP), through its Strategic Partners Urban Development Group, has started construction on East Village at Avondale, a 248-unit, mixed-income apartment complex at Avondale Meadows. The formal groundbreaking ceremony included representatives from Indianapolis Mayor Gregory A. Ballard’s office, the Indiana Housing and Community Development Authority, Meadows Community Foundation, Forest Manor Multi-Service Center, United North East CDC and many other community groups.
Development of East Village is a joint venture between SCP, The Sterling Group, Meadows Community Foundation and the City of Indianapolis. The City helped acquire the land and provided funds from the federal government’s Neighborhood Stabilization Program for the construction of East Village and the demolition, earlier this year, of Timber Ridge Apartments at the site.
The new apartment complex will include green spaces, a fitness center and a pool. Rents for one-, two- and three-bedroom units will range from $280 to $710; seventy percent will be reserved for tenants who meet low- and moderate-income requirements, and the remainder will be rented at market rates.
East Village’s urban look is a purposeful design. “This is a city dwelling, and we wanted it to look like that,” Gene Zink, the Chairman and CEO of SCP said of the 17 buildings. “Our commitment from the beginning is that we wanted to build something that is sustainable and that anyone would want to live in.”
Overall plans for the 100-acre site known as Avondale Meadows include a supermarket and additional retail space; up to 900 apartments, townhomes and single-family homes (with some units reserved for seniors); and parks and athletic fields for the Challenge Foundation Academy and Charles A. Tindley Accelerated School which together provide a continuum of education for grades K-12. Additional plans for a community center would comprise a health clinic, area nonprofit and social services groups and a potential YMCA branch.
“The redevelopment of Avondale Meadows will help to re-establish strong connections to the residents and neighborhoods to the north and east,” said Mike Higbee, Managing Director of Strategic Partners Urban Development Group. “We are excited about the partnership that will be created with the existing residents as we rebuild on this site.”
Avondale Meadows is a comprehensive community redevelopment project focused on the holistic redevelopment of the challenged, disinvested Meadows area into a safe, sustainable, environmentally-friendly neighborhood in order to improve and enhance life in the Meadows community.
Strategic Partners Urban Development Group was formed in 2008 with the mission to redevelop distressed urban communitites nationally. Its goal is “double bottom line investing” – to serve a positive community purpose and to develop in an environmentally conscious manner.
Formed in 2005, Strategic Capital Partners, LLC is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties across the United States. SCP, through its Strategic Partners Value Enhancement Fund, Strategic Capital Partners Real Estate Opportunity Fund I and Strategic Partners Urban Development Group has invested over $1 billion in total capital.
The SCP team of veterans has over 200 years and $20 billion of collective real estate investing experience, employing a hands-on, cycle-tested investment approach. SCP is headquartered in Chicago with offices in Indianapolis and New York.