New 144-unit affordable housing community marks DevCo’s first ground-up project in Indiana
December 13, 2024
DevCo Residential Group and are affiliates are proud to announce the successful financial closing of Emerson Place Apartments, a new affordable housing community located in Indianapolis, Indiana. This marks DevCo’s first ground-up project in both the Indianapolis area and the state of Indiana.
Emerson Place Apartments will feature 144 thoughtfully designed apartment homes, offering a variety of one- to four-bedroom floorplans. The community is targeted to households earning between 50% and 70% of the area median income (AMI), helping to address the growing need for affordable housing in Indianapolis.
In addition to high-quality residences, Emerson Place Apartments will include a suite of amenities designed to enrich the lives of its residents, including:
- Playground
- Fitness Center
- Dog Park
- Free Wi-Fi in all units and common areas
To further support residents, Rainbow Housing will provide a variety of free resident services, such as:
- Financial literacy classes
- Computer training
- Credit counseling
- Resume building
- And much more
Construction will be led by DevCo US Construction, DevCo’s in-house general contractor.
The successful closing was made possible through a robust financing package, which includes:
- Tax-exempt and taxable construction loans, and a tax-exempt unfunded forward Freddie Mac permanent loan from Merchants Capital
- An equity investment from PNC Bank through the 4% federal Low-Income Housing Tax Credit (LIHTC) program
- A development fund loan from the Indiana Housing & Community Development Authority (IHCDA)
DevCo Development would like to extend its appreciation to all of our valued development partners, whose support made this project possible:
- Winthrop & Weinstine, P.A.
- Hillis Clark Martin & Peterson P.S.
- Johnson Braund Architects
- Kimley Horn
- First American Title Insurance Company
- Frost Brown Todd
- Indiana Housing & Community Development Authority
Project Teams:
We are especially grateful to our dedicated DevCo teams who worked tirelessly to bring Emerson Place Apartments to life:
- DevCo Development: Nick Storlie, Trevor Martinez, Andy Schock, Katie Newman, Domenic Spencer
- DevCo US Construction: Brad Reinking, Kaleb Vendl, Ronen Velarde
- DevCo Transaction Team: Emma Olgard-Rufin, Lindsay Kruse
“We are excited to expand into the Indianapolis market with the development of Emerson Place Apartments,” said [insert spokesperson name, if applicable]. “This project reflects our continued commitment to delivering high-quality affordable housing and providing residents with the resources they need to thrive.”
DevCo Development looks forward to welcoming residents to Emerson Place Apartments and contributing to the growing Indianapolis community by providing much-needed affordable housing opportunities.
and its affiliated entities are pleased to announce the grand opening of The Arbour Apartments, the newest affordable housing community in Boise, Idaho. Located just off West Franklin Road in the Boise Bench neighborhood, this brand-new community addresses the critical need for affordable housing in a market that has experienced approximately 25% rent growth since 2020.
About DevCo Residential Group:
DevCo Residential Group and its affiliates are a development and investment company focused on multifamily communities. Founded in 1994, DevCo is a full-service builder, developer, owner, and operator of approximately 15,000 affordable and market-rate apartment homes in strategic markets throughout the United States. The company is headquartered in Bellevue, Washington.