Birge & Held recently announced the acquisition and planned rehab of Regency Park, a 304-unit multifamily property located at 5527 Rue Royale, Indianapolis, Indiana. In addition to the cost to acquire the property, the firm plans to spend more than $10M on a major renovation to rehabilitate the complex for those in need of affordable housing.
“We’re excited to transform Regency Park to better serve residents and help revitalize the community,” said Tag Birge, CEO of Birge & Held. “As our country continues to see a lack of affordable housing, we saw this as an opportunity to help grow the supply in Indianapolis and provide families with a safe and comfortable place to call home.”
The scope of the renovation includes both exterior and interior projects. Building improvements include new roofing, windows and flooring, new kitchens with updated and energy-efficient appliances, new bathrooms, new water heaters and furnaces. Each unit will cost approximately $34,000 to renovate.
Project improvements, which will enhance accessibility and ease of access, include a new 1,700-foot sidewalk along Epler Avenue to a nearby IndyGo bus stop and upgrades to make the complex more accessible for people with disabilities. New landscaping and updated exterior work are also included in the planned improvements.
Click here to learn more about Regency Park.