CenterSquare Enters Indianapolis Residential Market with Acquisition of Townhome Community Casey Corner

September 2023

80-Unit Build-to-Rent Property to Feature Quality, Affordable Housing Alternative

We are pleased to share CenterSquare’s successful acquisition of Casey Corner, an 80-unit build-to-rent (BTR) townhome community in Westfield, IN. Representing our debut BTR investment in the market, this Property is well located near downtown Indianapolis with easy access to the I-465 Beltway. Casey Corner is ideally situated in a sought-after bedroom community, closely connected to excellent public schools and key employment hubs. The Property is under construction by one of the largest national home builders in the country. The acquisition of completed homes will unfold in stages that reflect the project’s progress, with the initial homes acquired in August 2023, and the final deliveries targeted for February 2024.

Casey Corner is comprised of two-story townhome units, with an average size exceeding 1,750 square feet. These units consist of three bedrooms, two-and-a-half bathrooms, and attached two-car garages. Notable features of the townhomes include quartz countertops, stainless steel appliances, LVP flooring, as well as Ring doorbell and security systems. In an area defined by a limited new supply of quality rental housing options, these homes offer an exclusive and highly desired housing alternative.

Chris Picyk, Senior Vice President of Private Real Estate, emphasized that these townhomes provide a desirable housing option for potential residents: “CenterSquare places high value on quality, flexibility, and community, recognizing the growing demand for homeownership alternatives,” said Picyk. “This investment not only signifies our confidence in the build-to-rent single-family rental sector, but demonstrates our desire to provide attainable housing in growing submarkets of the country. Casey Corner will provide the community with a high quality, maintenance free housing option without the commitment and cost of homeownership.”