A North Indianapolis Landmark, Reimagined
For years, this property was recognized as the leading apartment community on Indianapolis’ desirable northside. Now, The Residences on 56th Street has been revitalized to its former glory, surpassing previous standards with an extensive renovation project. The current ownership is completing the final touches on this significant upgrade, ensuring the property is in pristine, move-in ready condition, presenting a rare opportunity to own a truly landmark asset.
Experience the Feel of New Construction, Without the Ground-Up Build
Approximately $30 million has been strategically invested to breathe new life into The Residences on 56th Street. This substantial capital infusion encompasses comprehensive exterior enhancements and a complete modernization of 100% of the units. Each apartment now boasts high-end finishes and contemporary design elements throughout, delivering the sought-after ambiance of new construction within an established and ideally located community. This extensive renovation ensures minimal deferred maintenance and immediate appeal to today’s renters.
Capitalize on Positive Rental Momentum at The Residences on 56th Street
With the post-renovation lease-up phase nearing completion, The Residences on 56th Street is perfectly positioned for a new wave of rental rate increases. Having successfully repositioned itself as a high-end, Class A apartment community, the property is already demonstrating impressive rental growth. Notably, lease rents at The Residences on 56th Street have increased by over $100 in the last 90 days alone, indicating strong market demand and significant potential for future income appreciation for new ownership.
Unbeatable Convenience in North Indianapolis
The Residences on 56th Street boasts an exceptional location immediately adjacent to I-465, providing residents with effortless access to all corners of Indianapolis. This prime positioning enhances commuter convenience and places the community within close proximity to key destinations. Residents enjoy easy access to the popular Fort Benjamin Harrison, as well as the vibrant Castleton and Broad Ripple areas, all offering a wealth of employment opportunities, diverse shopping experiences, and an array of dining and entertainment options. This strategic location is a major draw for attracting and retaining high-quality tenants.
Unique Apartment Features and High-End Amenities Package
What truly sets The Residences on 56th Street apart is its combination of unique unit layouts and an amenity package that surpasses all competition in the surrounding area. This community not only rivals nearby new construction developments but offers a compelling value proposition by providing larger unit sizes, a lower-density community feel, and all at a competitive price point. The extensive amenity offerings cater to the modern renter’s lifestyle, ensuring high occupancy rates and resident satisfaction at The Residences on 56th Street.
