The Connor Group has grown its presence in the Indianapolis metro, acquiring a 322-unit community in Carmel, Ind. The company purchased Carmel Center from NTS Development and an institutional partner. The seller was represented by JLL Capital Markets. The purchase price and the identity of NTS’s partner could not immediately be learned.
Carmel Center was built in 2002 and offers one- and two-bedroom units, as well as three-story, four-bedroom townhouses. The units include breakfast bars, walk-in closets, nine-foot ceilings, and in-unit washers and dryers. The community’s amenities include a resident lounge, entertainment kitchen with a Starbucks, a business lounge and a pet spa. Carmel Center also hosts a recently renovated clubhouse and leasing center.
Located at 675 Beacon St., the community is approximately 15 miles north of downtown Indianapolis and is near the Meridian Parkway, Keystone Parkway and Interstates 65 and 465. The Monon Recreation Trail, Carmel City Center and the Arts and Design District are located a short distance from the property.
Growing Indianapolis portfolio
The acquisition of Carmel Center brings Connor’s number of assets in the Indianapolis metro to three communities, alongside The Coil in Broad Ripple, Ind., and The Domain at Bennett Farms in Zionsville, Ind. Outside of Indiana, the company’s portfolio expands across 18 markets, totaling more than 13,000 units in Texas, North Carolina and several Midwestern markets.
In January, Connor sold the 586-unit Stonebridge Luxury Apartments in Arlington Heights, Ill., after more than six years of ownership. A month earlier, the company sold the 350-unit Firestone at West 7th Apartments in Fort Worth, Texas. The Dayton, Ohio-based company still owns several communities in its home state, including in the Cincinnati and Columbus metros.
