DevCo Residential Group Celebrates Grand Opening of Kinwood Place Apartments, Expanding Affordable Housing in Indianapolis

INDIANAPOLIS, IN – April 21, 2026 — DevCo Residential Group, in partnership with its affiliates DevCo Development and DevCo US Construction, celebrated the grand opening of Kinwood Place Apartments, a new 144-unit income-restricted community located on the south side of Indianapolis. The project also marks a significant milestone for the company as DevCo US Construction’s first project serving as the General Contractor.

The ribbon-cutting ceremony brought together project stakeholders, development partners, and community leaders to mark a significant milestone in expanding access to high-quality affordable housing in the Indianapolis market, and DevCo’s first ground-up development in both the city and the state of Indiana.

“Kinwood Place represents more than a new multifamily community,” said Sam Buckingham, President of DevCo US Construction. “It represents opportunity. It represents stability for families, access to quality housing, and our commitment to doing work that truly impacts the communities that we serve.”

Delivering Housing Opportunity for Indianapolis Families

Kinwood Place provides housing for individuals and families earning between 50% and 70% of the area median income (AMI), with select units reserved at deeper affordability levels. The community includes one-, two-, three-, and four-bedroom apartment homes, designed to accommodate a wide range of household sizes and income levels.

“This is a great example of what can be accomplished when multiple partners work together toward a common goal,” said Alan Rakowski, Director of Real Estate Allocation at the Indiana Housing and Community Development Authority (IHCDA). “In this case, creating a place of opportunity, affordability, and stability where Hoosiers may truly feel at home.”

The development was supported in part through IHCDA’s Low-Income Housing Tax Credit (LIHTC) program, one of the most critical tools for advancing affordable housing production nationwide.

A Collaborative Effort Years in the Making

Originally identified in 2022, the Kinwood Place site was transformed from an underutilized parcel into a vibrant residential community through years of collaboration between public and private partners.

“It’s been over four years in the making, and it really shows that projects like this take a village,” said Trevor Martinez, Development Manager at DevCo Development. “Every partner involved played a critical role in bringing this community to life.”

The approximately $50 million development was supported by key financial partners, including PNC Bank and Merchants Capital, alongside a broad team of consultants, contractors, and local stakeholders.

Designed for Stability, Built for the Future

Kinwood Place was designed with long-term resident stability and quality of life in mind. Community amenities include a playground, fitness center, dog park, and free Wi-Fi throughout apartment homes and common areas.

In addition to physical amenities, residents will have access to no-cost supportive services through Rainbow Housing Assistance Corporation, including financial literacy programs, workforce development resources, and credit counseling—helping residents build long-term financial stability.

“The best part about today isn’t the finish line, it’s the beginning,” Buckingham added. “This is where people will build their lives, their families, and their futures.”

Expanding DevCo’s National Footprint

The completion of Kinwood Place marks a key milestone in DevCo Residential Group’s continued national growth, expanding its presence into Indiana while reinforcing its mission to deliver high-quality, income-restricted housing in underserved markets.