Pleasant Run Senior Apartments

Role

RPL provided due diligence and development oversight services on behalf of an institutional equity partner.

Unique Approach

• New partners and deal structure involved for client, leading to RPL’s influence of various elements to get both parties comfortable with the approach.
• Site hit hard with weather during early sitework operations, setting back schedule.
• Site includes a tract of land that can be sold in the future for additional development.

Outcomes

• Delivered 2 months behind initial plan due to weather delays.
• Delivered on budget.

Scope of Work

New development of a wood frame, sloped roof, slab-on-grade active adult (age 55+) apartment building including 5 one-bedroom units and 114 two-bedroom units, community room, family room, fitness area, salon, coffee bar, library, individual storage closets, 40 garage spaces, and surface parking.

Project Summary

• Client: One of the largest institutional private equity investment firms
• Location: Indianapolis, IN
• Size: 119 units, 3 floors, 129,100 RSF, 141,900 GSF, 12 acres
• Timeline: 2017 to 2021
• Services: Due Diligence and Development Oversight
• Cost: $8.8 million
• Architect: Mussachio Architects
• Contractor: Clover Construction Management West Corps