Development Summary
Van Rooy Properties recently completed the redevelop of the existing Marcy Village Apartments located in Indianapolis, Indiana. The complex was built in 1939 and was the largest privately developed apartment community built in the State of Indiana at the time. In 2002, Van Rooy renovated the complex under a 9% bond allocation along with historic tax credits. In 2018 Marcy received a Qualified Contract and has raised rents annually since. The 2002 $5.7 million renovation coupled with approximately $1.0 million in recent roof replacement has put the property in good shape for its current upgrades to bring it to market rate housing. The project consists of 277 residential units and a freestanding management/commercial building. There are 20 buildings including the commercial building. The current project renovation has 84 two bedroom one bathroom units and 193 one bedroom one bathroom units.
Marcy Village Apartments is located at 4561 Marcy Lane, directly north of the Indiana School for the Deaf and the Indiana State Fair Grounds. The subject property is located directly south of Arsenal Park, which includes tennis courts, a playground, and a new water park and playground equipment. The project is also located just east of the Monon Trail. The location of the complex is convenient to employment, shopping, area schools, public transportation and recreation facilities. The project is located one mile east of Butler University and the Meridian Kessler neighborhood.
The renovation focused on providing contemporary units in a historic setting with self-contained amenities.
Under this renovation concept, Marcy Village Apartments received $16.5 million in new interior and exterior improvements. Exterior improvements included significant masonry repairs; new highlight landscaping and signage; replacement sidewalks; parking lot repairs; the addition of parking areas; carport renovations, and the addition of exterior lighting. Interior renovations included: electronic door access; light and electrical fixtures; kitchen cabinets, quartz kitchen counter tops, stainless appliances, and kitchen plumbing fixtures; bathroom vanities, vanity cultured marble tops, bath plumbing fixtures and bath accessories; trim accents and two tone paint scheme; ceramic tile in bathrooms and kitchens; and custom window coverings. The project’s heating system has been completely replaced with select replacements of the cooling systems. Washer and dryer appliances were also added in each unit. Data, cable, and phone systems were upgraded with fiber connections. The upgrades augment the existing finishes that were maintained including hardwood floors in the living areas.
Van Rooy added a new clubhouse that includes a leasing center, lounge, coffee bar, business center, pool, and fitness center. In addition to interior upgrades, the new Marcy Village took advantage of the expansive grounds to apply amenities such as an exercise trail, pergolas, dog park, outdoor kitchen, outdoor fire place, bocce ball court, pickle ball court, and outdoor exercise area.
In addition to the apartments and amenities, the Patachou Foundation has its offices at the front of the property in the commercial space at the front of the property. The Patachou Foundation prepares and serves healthy meals to children impacted by poverty and hunger. At this location the restaurant chains foundation also has a café and training center. Directly adjacent to this facility (on the grounds of Marcy Village) Patachou has installed the Patachou Foundation Farm where it grows organic vegetables for its restaurants.
Marcy Village Construction Details
Exterior Improvements
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Dimensional Shingle Roofs replaced in 2018 and not part of the renovation
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Landscaping
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Signage
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Decorative lighting
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Renovated carports
General Unit Finishes
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Refinished hardwood floors and refinished tile floors
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Two tone paint schemes throughout
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Rubbed bronze light fixtures
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Washers and dryers in each unit
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Custom window coverings
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Electric forced air furnaces and electric air conditioning units
Kitchens
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Stainless steel microwave, dishwasher, stove, and refrigerator.
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Shaker cabinets and quartz tops
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Stainless steel sinks with stainless plumbing fixtures
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New tile floors
Bathrooms
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Vanities and porcelain tops
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New tile floors
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Refinished subway tile tub surrounds
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Decorative chrome toiletries
View Photo Gallery: Marcy Village Apartments Renovation