Leading Indianapolis Real Estate Developers Break Ground On Versa

The $70+ million project will bring 233 Class-A apartment units and amenities to the eclectic neighborhood.

INDIANAPOLIS (May 11, 2023) — Located just six miles north of downtown Indianapolis, Broad Ripple Village is in a season of revitalization. The longest-established cultural district in Indianapolis is in the midst of a $271 million improvement plan from infrastructure to beautification, and three real estate developers are eager to play a part in the enhancement. Local developers Milhaus, Gershman Partners and Citimark have closed on a first-of-its-kind mixed-use development in the heart of Broad Ripple named Versa. The $70+ million development will sit right off Broad Ripple’s main strip at 6220 Guilford Avenue, Indianapolis, IN 46220.

With a central location, Versa and its future residents can immerse themselves in one of the most unique districts in Indianapolis with plenty of locally owned pubs and restaurants, coffee shops, quaint boutiques, unique art galleries and a booming nightlife just steps from their front door. Alongside Indianapolis’ main waterway, the White River, Broad Ripple offers beautiful greenways like the Monon Trail and parks backdropped with public art and graffiti murals that encourage residents to explore.

“Developing a new community in Broad Ripple Village was an obvious choice for Milhaus as soon as Gershman and Citimark approached us about the project. The Village embodies so many of our key values, bringing walkability and an urban feel to residents, showcasing local artists and elevating the local community,” said Milhaus Vice President of Development Brad Vogelsmeier. “We are eager to capture Broad Ripple's authentic character throughout the interior and exterior design of the property while also bringing key amenities to the area. Versa will be the first Class-A development in Broad Ripple with a full amenity package, including a pool and aqua lounge. We are thrilled for Versa to become a legacy asset in one of the best submarkets in Indy.”

Coinciding with the village’s current infrastructure improvement plan, the companies have worked diligently with the Broad Ripple Village Association (BRVA) and the City of Indianapolis to further their vision and commitment to the community. Accompanying the Versa complex, the developers will enhance sidewalks, create a sleek alley, improve streetscape design elements and more.

As a mixed-use project, Gershman Partners will spearhead the leasing and management of 3,600 square feet of ground-floor retail space with an outdoor patio that will live below the residential living space. “We are thrilled to partner with Citimark and Milhaus on Versa, a marquis development at the epicenter of Broad Ripple,” said Eric Gershman, Principal of Gershman Partners. “This partnership understands and echoes the sentiment of its patrons, residents and neighbors in how vital the positive momentum is to this community – Broad Ripple is a treasured Indy submarket and we are excited to be adding to it.”

The project will feature 233 studio, 1- and 2-bedroom units, 245 parking spaces, and many signature amenities. Residents can look forward to a pet-friendly community with no breed restrictions including a pet spa and bark park, a lounge and clubhouse uniquely designed for both work and play with a game room, fitness center, conference rooms and a co-working space. Versa will be the only recent development in the village featuring a pool and aqua lounge.

“Working alongside Milhaus and Gershman Partners brought new ideas to this one-of-a-kind development,” said Matt Carlstedt, Managing Director at Citimark. “Our development strategies and commitment to the Broad Ripple community were aligned from day one. We are looking forward to breaking ground on this project and playing a part in the revitalization of this growing village.”

Lake City Bank provided financing for Versa, led by John Dietzen, Vice President, Commercial Banking Officer, who said, “We are pleased to continue and expand our successful financial partnership with Milhaus, Gershman Partners and Citimark on such an exciting and impactful project complementing the thriving Broad Ripple community.”

The developers are also working with DKGr for architecture and interior design, Civil Engineer design firm Civil & Environmental Consultants and lender Lake City Bank to develop the new property. Construction will begin in May and is expected to conclude in 2024.

ABOUT MILHAUS

Milhaus is a national award-winning, vertically integrated multifamily developer, owner and operator specializing in Class A residential assets. Headquartered in Indianapolis, Milhaus is comprised of inspired and industrious individuals who are passionate about the development of multifamily and mixed-use communities. We provide exceptional customer experiences and create solutions for neighborhoods that positively impact communities by providing unparalleled expertise in real estate, investment, development, construction and management. Milhaus’ portfolio is comprised of over 10,500 units across 25 properties as of December 2022. Assets Under Management stood at $1.9 billion. For more information, visit www.milhaus.com.

ABOUT GERSHMAN PARTNERS

Gershman Partners “GP” is an Indianapolis based family-owned real estate development firm with 30+ years of experience that thrives on its holistic approach to place-making and place-keeping site selection.  Focusing initially on ground-up retail projects, GP has expanded its reach by adding office, multi-family, and industrial properties to its portfolio.  Gershman Partners has acquired or developed in excess of $600 Million in projects with the ultimate goal of meeting demand with unique and one-of-a-kind developments.  www.gershmanpartners.com

ABOUT CITIMARK

Headquartered in Indianapolis, Citimark is a vertically integrated real estate investment company specializing in acquisitions, development and asset management. Citimark has established a track record and reputation as a premiere full service real estate investment company focused on industrial, office and mixed-use properties throughout the Midwest and Southeast. Since inception Citimark has acquired and developed over 25 million square feet of commercial property. www.citimarkinc.com.

ABOUT LAKE CITY BANK

Lake City Bank, a $6.4 billion bank headquartered in Warsaw, Indiana, is the sixth largest bank headquartered in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 53 branch offices in northern and central Indiana, delivering technology-driven solutions in a client-centric way to individuals and businesses. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN). For more information visit lakecitybank.com.