A 216-unit affordable housing community is moving closer to opening in Indianapolis.
Locally headquartered Birge & Held announced the debut of its latest property, West Village of Avondale Meadows. The first building is scheduled to be delivered in October, with additional buildings following through next March. Strategic Capital Partners is the co-developer.
The community will feature 72 one-, 84 two-, and 60 three-bedroom units across six building for residents earning between $40,620 and $67,320 per year.
“We are proud to announce the much-anticipated debut of the Meadows apartments, another property that fulfills our mission of enhancing lives by transforming communities,” said Tag Birge, CEO of Birge & Held. “There is an ongoing need for affordable housing in Indianapolis and across the country. We look forward to building stronger communities and increasing access to these much-needed housing solutions as we continue to expand our affordable housing business line.”
Financing for the approximately $48.3 million development includes low-income housing tax credit equity. Financing partners include Merchants Capital, Merchant Capital Investments, Freddie Mac, the city of Indianapolis, and the Indiana Housing and Community Development Authority, which allocated the housing credits and issued bonds.
“We are proud to invest in the Indianapolis community alongside Birge & Held,” said Will Zink, senior vice president of construction and development at Strategic Capital Partners. “We look forward to seeing the growth and opportunity Meadows brings to the community as an affordable housing option.”