News release

Sale of landmark multi-housing community in suburban Indianapolis closes

JLL Capital Markets closed the sale of the 322-unit, luxury Carmel Center in Carmel, Indiana

December 06, 2023

Jenna Sharp

Capital Markets PR
+1 214 438 6450

CHICAGO, Dec. 6, 2023 – JLL announced today that it has closed the sale of Carmel Center, a 322-unit multi-housing community and city landmark located in downtown Carmel, Indiana within the Indianapolis MSA.

JLL worked on behalf of the seller, NTS Development with an institutional partner, and The Connor Group acquired the asset.

Built in 2002, the 18-building, three-story, colonial-style property features spacious one- and two-bedroom apartments and four-bed, tri-level townhomes with award-winning floor plans and details. Units include granite countertops, breakfast bars, original maple cabinets, stainless steel appliances, in-unit washers and dryers, walk-in closets, wood-style plan flooring and nine-foot ceilings. Community amenities include a stylish resident lounge, an entertaining kitchen with Starbucks Coffee, a business lounge and a pet spa. Both the clubhouse and leasing center have been recently renovated.

Situated at 675 Beacon St., the property overlooks Carmel’s Veterans Memorial and Reflection Pool and is just steps from the Monon Recreation Trail, Carmel City Center and the Arts and Design District. The location provides residents access to more than 40 corporate HQs along US-31/Meridian St, A+ rated schools and leading healthcare and allows convenient connectivity via Meridian Pkwy (US-31), Keystone Pkwy., I-465 and I-65. The property is just 15 miles north of downtown Indianapolis.

The JLL Capital Markets Investment Sales Advisory team was led by Managing Director Wick Kirby, Director Amanda Friant, Managing Director Mark Stern, Executive Managing Director Matthew Lawton and Analyst Sam Grohe.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About NTS Development

NTS is a full-service, diversified real estate company with apartment communities, commercial properties and residential communities located in 9 cities across the Midwest and Southeast United States. NTS has been providing high quality developments and real estate services for more than 55 years and currently manages over 10.9 million square feet of real estate including over 6,000 luxury apartment homes and over 4 million square feet of commercial property. NTS is committed to providing our residents, tenants and partners with continued excellence in all of our real estate products and services.

About The Connor Group

The Connor Group is one of the country's top privately held real estate investors and operators with a 31-year track record of innovation, accelerated growth, and industry-leading investment returns. Based in Dayton, Ohio, The Connor Group has grown to $4 billion in assets with a portfolio encompassing more than 13,000 luxury apartments across 18 markets. The firm is committed to providing exceptional living experiences by emphasizing quality, innovation, and resident satisfaction. Its unconventional approach is distinguished by a strong focus on core values, performance-driven culture, relentless focus on operational excellence, and disregard for conventional wisdom.