Glick/Milhaus investment group purchases The Maxwell Apartments

A partnership led by the Gene B. Glick Company and Milhaus Development, LLC has purchased The Maxwell Apartments from Star Financial Bank.

Located at 530 East Ohio Street in the emerging Cole Noble District, The Maxwell is a five-story, contemporary art-deco building with 105 luxury apartment units and 11,000 square feet of ground-level commercial space. It features a courtyard garden, dramatic views of the downtown area and an underground parking garage.

Built in 2008, the project was originally designed as condominiums. The Maxwell’s apartment homes include high-end finishes such as granite countertops, hardwood floors and stainless-steel appliances. Floor plans include studios and one- and two-bedroom apartments; rents start at $815 per month.

The Gene B. Glick Company will be the general partner and manager of the property; Milhaus will be responsible for leasing and converting the first floor into office and retail uses. The Maxwell maintains nearly 100 percent residential occupancy. Glick is currently renovating and converting existing office space in the building to five additional apartment units, which will be available for new residents in January.

“Glick has built and managed housing in Indianapolis for a long time, but this is our first property in the downtown area,” said David Barrett, Glick president and CEO. “The Maxwell is one of the city’s premier addresses and a perfect fit for our growing portfolio of luxury communities.”

Glick has been a leader in the apartment market nationally for many years and recently has increased its acquisition and development efforts. In the last two years, it has purchased Somerset Lakes Apartments in Indianapolis and developed Westhaven, a new luxury apartment community in Zionsville, Ind.

“This is a tremendous asset with great long-term ownership benefits,” said Greg Martin, vice president of development at Milhaus. “It represents the high-end properties we are working toward developing in many cities across the country. We’re are very excited about the relationship with the Gene B. Glick Company; Glick is one of the most respected real estate companies in the Midwest and we look forward to future transactions like this with them.”

The Maxwell is the first partnership between the Glick and Milhaus companies, but the groups are currently working together on other projects, including Penn Circle in Carmel, Ind.