Renovations Underway at Indy Apartments
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAn Indianapolis apartment complex is undergoing $2 million in renovations. Connecticut-based Shamrock Communities LLC, which owns The Cottages at Fall Creek, says the upgrades include a redesign of the complex community center and electric and plumbing improvements.
May 7, 2014
News Release
Greenwich, Conn. — Shamrock Communities LLC, a Greenwich, Conn. based multifamily real estate investment firm, announced the grand re-opening of the Cottages of Fall Creek Apartments in Indianapolis, Ind. Shamrock Communities, the owner, and Louisville, KY-based PMR Companies, the property management company, will celebrate the repositioning of the property with a ribbon cutting ceremony May 1st.
The Cottages of Fall Creek, a 753-unit apartment complex situated on 81 acres, is in the midst of a $2 million capital improvement program. Initial work completed includes a redesign of the community center and management and leasing office, upgrades to the electrical system, and paving and concrete repairs. Further improvements, including repairs to plumbing and mechanical systems, roof replacements and individual unit interior renovations are ongoing. Shamrock Communities acquired the property a year ago.
“We wanted to significantly upgrade and enhance the apartment complex and create a community where tenants want to reside and take pride in their surroundings,” said Ellen Weinstein, Chief Executive Officer of Shamrock Communities. “We believe it's important for tenants to connect with one another and feel comfortable in their neighborhood, which is why we implemented new programs and activities,” Weinstein said.
The goal of the community center redesign was to create a space where programs and events could be held for residents. Management has reached out to local community organizations and businesses, such as the YMCA and Girl Scouts, to create partnerships so events can be held at the community center. The property hosts events three to six times a week and all residents are invited to attend. A community life team consisting of four people, whose job is to connect with and welcome new tenants, was also added.
“By offering social and educational opportunities, we are fostering a supportive community environment,” said Deborah Charlton, President and Chief Executive Officer of PMR Companies. “We simply strive to give back to each community, and it is our mission to turn an apartment complex into a community that residents can call home. We want to be a part of each neighborhood.”
The ribbon cutting ceremony will be held at the Cottages of Fall Creek clubhouse at 3:00 pm, which will include a tour of the property, refreshments, networking, and door prizes. Lawrence, Ind. Mayor Dean Jessup will be in attendance, along with Weinstein, Charlton, and other community leaders.
Shamrock Communities continues to expand its investment portfolio in Indianapolis. Since the beginning of the year, the company has acquired two properties totaling 373 units and has a third asset of 576 units under contract. Capital improvements and community life programs, similar to the Cottages of Fall Creek, are planned for the properties.
About Shamrock Communities
Shamrock Communities LLC is a Greenwich, Conn. based multifamily real estate investment firm that was founded in 2011. Shamrock Communities currently has approximately 3,500 multifamily units in its portfolio, with an additional 200 units being developed and 700 units under contract. Shamrock Communities assets are concentrated in the mid-West and West.
About PMR Companies
PMR Companies is a Louisville, KY-based multi-regional property and asset
management organization that was founded in 2002 by Deborah Charlton. PMR Companies has both residential and commercial property management experience. The company is headquartered in Louisville, KY and has regional offices in Indianapolis, IN; Houston, TX; and Atlanta, GA.