Indy firm acquires Greencastle apartment properties for renovation
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Indianapolis-based Forza Commercial Real Estate has acquired three apartment properties in Greencastle with plans for improvements. The firm declined to disclose the purchase price for the properties, but said it is investing approximately $500,000 in renovations.
Forza closed on the purchase of Colonial Arms Apartments, Maple Terrace Apartments, and Roban Apartments in mid-February.
The renovations, set for completion by early July, include new roofing, flooring and modern aesthetics, as well as necessary major repairs such as mold remediation, crawl space encapsulation, and deep patch asphalt repairs.
“At the time of purchase, the condition of each complex was in poor condition,” Forza Director of Construction Mike Kienholz said in a news release. “Our focus is on addressing major issues that pose potential health and safety risks to residents. Once these critical repairs are completed, along with aesthetic and functional improvements, we are confident that both the residents and the surrounding communities will benefit greatly.”
The firm said the effort fits into the Growing Green and Gold Together Initiative between the city of Greencastle and DePauw University, aimed at supporting local development and improving quality of life for residents.
“During our analysis of the Greencastle area and the condition of each complex prior to purchasing, we recognized an opportunity to greatly improve its overall condition and offer better housing options to current residents,” Keinholz said. “As we explored opportunities for partnership, it became clear that the city of Greencastle shared our mission of enhancing the quality of community living.”
Forza said the acquisition is the only one it has planned for 2025.