Wesley Place Apartments: A Landmark Investment Opportunity in Indianapolis’ Transformative Health District

Arrow Street Development, in partnership with Chatham Park Development and Standard Real Estate Investments, LP (Standard)—a minority-owned national real estate investment and development firm based in Los Angeles and Washington, D.C.—has successfully closed on the sale of Wesley Place Apartments, the premier luxury residential building located in Downtown Indianapolis’ burgeoning Health District.

The 244-unit community, completed in 2023, is situated on a 2.1-acre site at 75 West 18th St. and represents a key component of Standard’s strategic investment program with Belay Investment Group, LLC (Belay). Wesley Place offers high-quality, well-appointed housing at attainable price points, making it a highly attractive option for healthcare professionals and residents drawn to the area’s transformative growth.

A Strategic Location in a Thriving District

Wesley Place is ideally positioned within walking distance of the Indiana University Health Campus, a $4 billion expansion and redevelopment project that broke ground in 2022. The community is 91% leased and features thoughtfully designed studio, one-bedroom, and two-bedroom apartments, complemented by a robust amenities package tailored to meet the needs of its healthcare-focused resident base.

“From investment to development and through to disposition, this journey has been incredibly exciting and played an important role in launching the Standard brand,” said Robert Jue, CEO of Standard Real Estate Investments. “We seized the opportunity to create much-needed housing by collaborating with a thoughtful, local, and experienced team throughout the asset’s life cycle.

"Our ability to source and foster lasting relationships with skilled operators and developers, combined with the market intelligence and development expertise of our partners, resulted in the creation of a highly attractive asset. A big thank you to the development and Belay teams for making this project such a great success.”

A Collaborative Effort

The project’s success was a result of strategic collaboration, with Arrow Street Development, Chatham Park Development, and Standard Real Estate Investments working together to bring this vision to life. The JLL Chicago team of Amanda Friant, Ken Martin, Mark Stern, Zach Kaufman, and Sam Grohe represented the seller in this landmark transaction.

Wesley Place Apartments stands as a testament to the transformative potential of Indianapolis’ Health District, creating a lasting impact on the local housing market while showcasing the power of strategic partnerships and innovative investment approaches.

Zionsville mayor prepares pitch for big development

own leaders say developing South Village will create more public gathering spaces and draw more visitors to Zionsville’s historic Main Street businesses. (IBJ photo/Eric Learned)

John Stehr has some explaining to do. As a 30-year Zionsville resident, he knows many residents are skeptical about any talk of changes to the town.

That’s why the first-term mayor is planning a public outreach tour throughout Zionsville to pitch his plan for a 160-acre, $250 million development south of the town’s quaint, historic downtown, which is home to 600 houses and more than a dozen local businesses.

John Stehr

“If it’s not going to be a community effort, I don’t think, ultimately, it’s going to be successful,” Stehr said. “I think we all need to reach some level of agreement on how to proceed.”

The project called South Village could include about 250 residential units in the form of single-family houses, condos and multifamily buildings; 500,000 square feet of office space, retail, dining and public plazas; parks and nature trails; and two parking garages. The development would be built in stages over about five years if the proposal receives approval from the Zionsville Town Council.

Stehr retired in 2018 after a 42-year career in television news, which included 23 years as a news anchor at WTHR-TV Channel 13. He said he recognizes the need to be precise in his communication given the scope of the South Village plan and scars that remain for some residents following previous attempts to develop that area.

Stehr, Deputy Mayor Kate Swanson and other town staff will hold about two dozen “South Village chats” over the next two months to talk with residents about the project. Stehr said the focus will be on both what the town plans to do and what it won’t do.

According to Stehr, the project would help bring more visitors to the Village Business District—the historic downtown area—and create public spaces for people to gather. It would be built in stages and would not touch the town’s brick Main Street or Lincoln Park, the site of a former train depot where President Abraham Lincoln stopped to speak to Zionsville residents in 1861 on the way to his inauguration.

“I think what we have with our brick Main Street is special,” Stehr said, adding that other communities have had to build what Zionsville already has.

He also said South Village would add businesses to help balance the town’s property tax base, which is heavily tilted toward owner-occupied homes.

Local developer plans 46-unit apartment project near Goose the Market

A local developer plans to spend more than $12 million to build a trio of walk-up style apartment buildings along Delaware Street, just south of Fall Creek.

Plans call for the 46-unit Oxford Row project by Chatham Park Development to occupy about 1 acre across six parcels on Delaware—five parcels on the north side of 25th Street and another immediately south—with each three-story building having a different facade design.

The project at 2460 to 2524 N. Delaware St. would be made up of three buildings: The southernmost would have a predominantly washed gold masonry aesthetic, with stairs at its eastern entrance. Directly north and connected to that structure would be a red masonry-clad apartment and retail building with green awnings. Those two buildings would total about 18,000 square feet, with 14 units and a 2,570-square-foot retail space.

The third building, on the north side of 25th Street, would be a 27,500-square-foot black and orange masonry structure with a retail space on its southeast corner of 2,500 square feet. The 32 apartments would be accessible from multiple walk-up entrances, with many units featuring prominent bay windows to the east.

“We were very intentional in the design, as we wanted it to please and delight people when they look at it,” said Nathaniel Vezolles, vice president of development for Chatham Park Development. He said Fall Creek Place neighborhood residents and leaders have generally approved of the design.

*Images are a representation of the development. The actual construction materials, design colors, features and site plan may be different.

Local developers plan 12-story, $100M project along Indiana Avenue

A pair of Indianapolis developers are proposing a towering apartment and office project on Indiana Avenue next to downtown’s Central Canal.

Indiana Avenue Partners LLC, a joint venture between Arrow Street Development and Chatham Park Development, plans to spend more than $100 million to construct a 12-story tower at 501 Indiana Ave., next to the Kurt Vonnegut Museum and Library.

Plans call for the unnamed 1.46-acre project to consist of 262 apartments, a four-story interior parking garage with 323 spaces and nearly 35,500 square feet of retail, office and amenity space.

New apartment complex adds to emerging health district on Indy's near north side

New apartment complex adds to emerging health district on Indy's near north side

INDIANAPOLIS — On Tuesday, city leaders and developers hosted a ribbon cutting for the Wesley Place Apartments on the near north side of Indianapolis.

The $43 million project from Chatham Park Development and Arrow Street Development sits in the heart of the city's new health district on the corner of 18th and Illinois streets. 

Wesley Place Apartments, the $43 million project from Chatham Park Development and Arrow Street Development sits in the heart of the city's new Health District.