Featured Projects
Van Rooy development experience includes the development of suburban apartment complexes, the historic renovation of urban mid-rise apartment buildings, the adaptive reuse of historic schools and warehouses, the development of retail and office uses, and the re-positioning of underperforming assets.
Below are a few of our recent projects.
PROJECT SPOTLIGHT
Temple Lofts
Property Location: Indianapolis, IN
Property Type: Urban
Number of Units: 40 units
Participants: Van Rooy Properties, Merchants Bank of Indiana.
Involvement: Developer/Owner, Property Manager, General Contractor
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- Successfully saved a historic building listed on Indiana Landmarks Most Endangered List.
- Selected as a developer through a competitive RFP process.
- Project received Indiana Landmarks Historic Preservation Award for Adaptive Reuse.
PROJECT SPOTLIGHT
Trailside Flats
Property Location: West Lafayette, IN
Property Type: Luxury Urban Apartments
Number of Units: 195 units
Participants: Van Rooy Properties, Merchants Bank of Indiana.
Involvement: Developer/Owner, Property Manager, General Contractor
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- Combined substantial renovation and new construction project.
- Strategically vacated the property to allow for each existing unit to be renovated.
- Completed a $3.5 million renovation and repositioning in 12 months.
- Obtained 100% lease up prior to construction completion.
- Redesigned site to allow for the addition of 120 new construction units.
- $17.5 million combined renovation and new construction project costs.
PROJECT SPOTLIGHT
Westminster Apartments
Property Location: Greenwood, IN
Property Type: Surburban Garden Apartments
Number of Units: 438 units
Participants: Van Rooy Properties, PR Mortgage and Investment Corp.
Involvement: Developer/Owner, Property Manager, General Contractor
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- Successfully completed acquisition through receivership process.
- Strategically vacated the 90% occupied property to allow for each unit to be renovated.
- Project approved by HUD’s National Loan Committee due its size and complexity.
- Completed a 24 month, $14.0 million renovation.
PROJECT SPOTLIGHT
Campus Apartments
Property Location: Indianapolis, IN
Property Type: Urban
Number of Units: 104 units
Participants: Van Rooy Properties, PR Mortgage and Investment Corp.
Involvement: Developer/Owner, Property Manager, General Contractor
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- Former Section 8 housing converted to student housing.
- Successfully vacated the property in 30 days for construction start.
- Completed a $5.4 million renovation and turned over all units and amenities in 10 months.
- Obtained 100% occupancy prior to construction completion.
- Reconfigured the entire site to double the parking capacity and add exterior amenities.
PROJECT SPOTLIGHT
Eagle Lake Landing
Property Location: Indianapolis, IN
Property Type: Surburban Garden Apartments
Number of Units: 277 units
Participants: Van Rooy Properties, PR Mortgage and Investment Corp.
Involvement: Developer/Owner, Property Manager, General Contractor
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- Successfully purchased bank note from Bank of America and subsequently foreclosed.
- At the time of foreclosure the property was 50% occupied with over 100 down units.
- Completed a $7.7 million renovation and turned over all 277 units in 14 months.
- Obtained 90% occupancy prior to construction completion.
PROJECT SPOTLIGHT
Blacherne Apartments
Property Location: Indianapolis, IN
Property Type: Urban
Number of Units: 68 units
Participants: Van Rooy Properties, PR Mortgage and Investment Corp.
Involvement: Developer/Owner, Property Manager, General Contractor
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- Selected as the designated developer through an RFP process by the city of Indianapolis to renovate and manage the vacant and dilapidated Blacherne apartment building and Plaza parking garage.
- Successfully implemented the project agreement negotiations with the city of Indianapolis for acquisition and renovation.
- Successfully implemented historic tax credit rehabilitation in compliance with National Park Service standards.
- Received 2006 Prodigy Award for Best Renovated Community.