12.11.2012

In the News: Pedcor to start second phase of Carmel's City Center

Check out today's IBJ talking about the second phase of Carmel's City Center. George gave some insightful information about the market in that area.

"The apartment market is red hot, and Carmel is no exception, said George Tikijian of apartment brokerage firm Tikijian Associates.
Tikijian said a pair of projects illustrate the demand. One One Six Apartments, a 191-unit development by J.C. Hart Co. at 116th Street and College Avenue, was fully leased six months after it opened in April. Sophia Square, a 202-unit Keystone Group project in the Carmel Arts & Design District, was 94-percent leased within nine months of its opening in May 2011.

Another project, the 193-unit Penn Circle at Old Meridian Street and Carmel Drive, started leasing in September and is seeing strong demand, Tikijian said. That project, developed by Milhaus Development, is leased and managed by Gene B. Glick Co.

Tikijian said the only cloud on the horizon for the apartment market in Hamilton County is the strengthening market for single-family homes. Apartment dwellers in places like Carmel and Fishers are more likely than their downtown Indianapolis counterparts to opt for home ownership, he said."


Visit our  website, and see our 2012 Apartment Market Overview for more information about new apartment development in the Indianapolis area.

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