(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
INDIANAPOLIS-The first phase of the Avondale Meadows, the 248-unit East Village apartment complex, was recently opened by Warren Buffett. The finance icon is an investor in the $150 million Avondale project that will also include single family homes and a health and wellness center.
Buffett is a partner in Atlanta-based Purpose Built Communities, run by developer Tom Cousins and retired hedge fund manager Julian Robertson. The area that this 100-acre project is being built on was once the crime-ridden Timber Ridge Apartments along East 38th Street. PBC, joined by Chicago-based Strategic Capital Partners LLC, Mishawaka, IN-based Sterling Group, the Meadows Community Foundation and the city will work to bring a mixed-use project that will incorporate housing, schools, human services, health care and recreation.
Buffett said in a recent statement that he believes in redeveloping areas that will allow children chances in life. “What better can you do with money than to help thousands of people change their lives in a very, very positive way?” he said.
The East Village phase reportedly cost about $27 million, which included $24 million in tax credits. About 70% of the apartment facility is reserved for low-to-moderate income residents, with the rest offered at market rates. Gene Zink, chairman and CEO of Strategic, said in the statement that leases have been signed for 56 units.
Future phases will include 250 townhomes and single family homes, 600 mixed-income apartments, a 70,000-square-foot health and wellness center, a grocery store and a senior living project. Construction on the wellness center will start in November, and on the senior center in 2012.
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