Rental Market

Indy Market Revs Up in 2015—3,500 New Units to Choose From in Indianapolis

Largest Rental Developments Indianapolis 2015

The Indianapolis rental market has changed gears in 2015 and thousands of new apartments came online. Although the metro’s 2014 performance—when 2,159 units were delivered in 14 properties — was nothing to be ashamed of, the area saw even more development in 2015. A whopping 19 apartment buildings with 50+ units reached completion last year, adding up to 3,542 units to Indy’s rental inventory.

Variety-wise, it’s safe to say that developers have done a good job as there seems to be a new build for every taste and budget. Virtually all segments were covered from affordable to luxury, but higher-end properties account for most of the new inventory. Alongside the desirable downtown properties, quite a lot of high-profile suburban communities hit the market, such as The Hamilton in Fishers or The Bridgewater in Carmel. The Zionsville, Avon and Westfield suburbs also saw grand openings of properties with well above 200 units.

We wanted to offer you a peek, so we reached for our handy Yardi Matrix database and compiled a list of the largest projects in terms of number of units. Here are the top 10 developments encompassing no less than 2,565 apartments:

#10. Southern Dunes: 224 rental units

Southern Dunes Apartments for Rent in Indianapolis

Southern Dunes Apartments for Rent in Indianapolis

Completed: 12/18/2015

Address: 7247 Vista Circle, Indianapolis, IN 46217
Rental types: 112 one-bedroom apartments, 92 two-bedroom apartments, 20 three-bed apartments
Property size: 220,888 sq.ft., 11 three-story buildings (first floor includes parking)
Short description: 368 parking spaces. 24-hour fitness center. Car care center. Clubroom. Pool with sundeck. Business center and Cyber Cafe. Outdoor fireplace with grill area. Pet-friendly community.
Photo credits: Southern Dunes Apartments Facebook Page

#9. The Hamilton: 233 rental units

The Hamilton Apartments for rent in Fishers

The Hamilton Apartments in Fishers

Completed: 1/22/2015

Address: 11289  Hamilton Crest Blvd East, Fishers, IN 46037
Rental types: 77 one-bedroom apartments, 126 two-bedroom apartments, 30 three-bed apartments
Property size: 232,678 sq.ft., 35 two- and three-story buildings
Short description: 530 parking spaces. Half-court indoor basketball gymnasium. Pool. Fitness center. Pool table. Business lounge. 26 floor-plans. Controlled access. Vaulted ceilings. Fireplaces in select units.
Photo credits: The Hamilton Facebook Page

#8. The Bridgewater: 240 rental units

The Bridgewater Apartments for rent in Carmel

The Bridgewater Apartments in Carmel

Completed: 6/02/2015

Address: 14916 Riverdale Drive South, Carmel, IN 46033
Rental types: 84 one-bedroom apartments, 136 two-bedroom apartments, 20 three-bed apartments
Property size: 241,946 sq.ft., 16 two- and three-story buildings (first floor includes parking)
Short description: 450 parking spaces. Waterscape. Clubhouse. Swimming pool and spa. Fitness center. Private veranda or terrace with storage. Quartz kitchen and bathroom countertops. Extra large windows. Kitchen islands. Garden soaking tubs.
Photo credits: The Bridgewater Apartments Facebook Page

#7. The Depot at Nickel Plate: 242 rental units

The Depot at Nickel Plate Apartments for rent in Fishers

The Depot at Nickel Plate Apartments in Fishers

Completed: 6/02/2015

Address: 8594 East 116th Street, Fishers, IN 46038
Rental types: 127 one-bedroom apartments, 113 two-bedroom apartments, 2 three-bed townhouses
Property size: 238,742 sq.ft., four-story building (first floor includes 17,000 sq.ft. of retail)
Short description: 430 parking spaces. Controlled access. Fitness center. Business center. Clubhouse. Swimming pool. Media room.
Photo credits: The Depot at Nickel Plate Facebook Page

#6. Casey Acres: 252 rental units

Casey Acres Apartments in Westfield

Casey Acres Apartments in Westfield

Completed: 9/11/2015

Address: 1270 Sabrina Way, Westfield, IN 46074
Rental types: 76 one-bed apartments, 104 two-bedroom apartments, 48 three-bed apartments, 24 four-bed apartments
Property size: 251,092 sq.ft., 25 two- and three-story buildings
Short description: Affordable, only 25 units are market rate. 506 parking spaces. Waterscape. Clubhouse. Playground. Fitness room. Laundry facilities. Business center. Game room. Pool. Large closets. Dishwashers, refrigerators, full size washer/dryer connections. Patios/balconies.
Photo credits: Casey Acres Website

#5. The Residences on Ronald Reagan: 252 rental units

The Residences on Ronald Reagan in Avon

The Residences on Ronald Reagan for rent in Avon

Completed: 11/17/2015

Address: 631 Ronald Reagan Pkwy, Avon, IN 46123
Rental types: 88 one-bedroom apartments, 108 two-bedroom apartments,  56 three-bed apartments
Property size: 285,708 sq.ft., 15 two- and three-story buildings
Short description: 455 parking places. Brick buildings. Patio or deck with each unit. Open-design kitchens. Walk-in closets. 6,900 sq.ft. community center. Swimming pool. Business center. Picnic areas. Pool deck with shade providing pergola. Courtyard kitchen. Children’s playroom. Fitness center.
Photo credits: The Residences on Ronald Reagan Website

#4. Arborwood at Mann Road: 260 rental units

 Arborwood at Mann Road in Indianapolis

Arborwood at Mann Road Apartments in Indianapolis

Completed: 9/18/2015

Address: 6702 Trunk Way, Indianapolis, IN 46221
Rental types: 84 one-bedroom apartments, 80 two-bedroom apartments, 76 three-bed apartments, 20 four-bed apartments
Property size: 299,140 sq.ft., 15 one- and two-story buildings
Short description: 560 parking spaces. Fitness and business centers. Clubhouse. Swimming pool. Laundry facilities. Washer/dryer and microwave ovens in all units.
Photo credits: Arborwood at Mann Road Facebook Page

#3. Circa: 260 rental units

Circa Apartments for rent in Indianapolis

Circa Apartments for rent in Indianapolis

Completed: 5/07/2015

Address: 617 North College Avenue, Indianapolis, IN 46204
Rental types: 30 studios, 5 loft studios, 159 one-bedroom apartments, 58 two-bedroom apartments, 8 three-bed apartments
Property size: 201,305 sq.ft., 5 four- and five-story buildings (first floor includes parking)
Short description: 236 parking spaces. Saltwater pool and sundeck. Private garage parking. Outdoor lounge, grill, and fire pit. Controlled access. Bike rental. Cross-training studio. City views. Private balconies. Total electric. Furnished units available. Choice of urban of natural-style homes.
Photo credits: Circa Apartments Facebook Page

#2. The Villas by Watermark: 266 rental units

The Villas by Watermark in Zionsville

The Villas by Watermark for rent in Zionsville

Completed: 6/03/2015

Address: 7145 Anderson Drive, Zionsville, IN 46077
Rental types: 110 one-bed apartments, 110 two-bed apartments, 46 three-bed apartments
Property size: 291,438 sq.ft., 23 two-story buildings
Short description: 482 parking spaces. Pet-friendly complex with pet park. 24-hr. fitness center. Clubhouse. Conference room. Game room with pool table. Swimming pool with hot tub and cabanas. Granite countertops. All electric apartments. Garden soaking tubs.
Photo credits: The Villas by Watermark Facebook Page

#1. Axis: 336 rental units

Axis Apartments for rent in Indianapolis

Axis Apartments in Indianapolis

Completed: 4/21/2015

Address: 401 North Senate Avenue, Indianapolis, IN 46204
Rental types: 36 one-bed/alcove apartments, 199 one-bed apartments, 100 two-bed apartments, 1 three-bed apartment
Property size: 300,955 sq.ft., four-, five, and six-story building (first floor includes 45,231 sq.ft. of retail)
Short description: 435 parking spaces. Business center. Concierge services. Tall ceilings and oversized windows. contemporary touches. Views of Downtown. Outdoor gardens. Access to storage. Pool. Fitness room. Washer/dryer and microwave ovens in all units.
Photo credits: Axis Apartments Website

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About the author

Balazs Szekely

Balazs Szekely is a qualified journalist with extensive experience as a real estate writer for several Yardi publications. He has covered a wide range of housing issues and real estate news as a creative writer for RENTCafé. Balazs holds a B.S. in Journalism. You can connect with Balazs via email.

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