Covered Bridge Apartments

Project Details

  • Property Location:
    Indianapolis, Indiana 
  • Acquisition Date: May 7, 2013
  • Purchase Price: $12,500,000
  • Renovation Costs:
    $7,279,014 ($28,885 per unit)
  • Number of Units: 252
  • Number of Buildings: 20 
  • Number of Stories: 2 and 3
  • Year Built: 1982

Unit Interior Renovations

  • Kitchens and bathrooms including cabinets and countertops, efficient lighting and plumbing fixtures and toilets;
  • Energy Star refrigerators and dishwashers, and range and range hood;
  • Carpet and vinyl plank flooring;
  • Base trim, drywall repairs, and paint;
  • Interior doors, casing, and hardware;
  • Energy Star windows, sills, and mini blinds;
  • Sliding patio/balcony doors;
  • Closet doors and wood shelving;
  • Smoke detectors;
  • High-efficiency HVAC units and furnaces, including programmable thermostats, Energy Star fan/light combo in dining rooms, and Energy Star water heaters;
  • Attic insulation to an R-38 rating.
  • Washer and dryer hookups; and,
  • Entry doors, drywall/textured finish repaired and painted, and new lighting in common hallways.

Building Envelope and Exterior Renovations

  • Roofs, siding, and masonry tuck-pointing;
  • Exterior door hardware; and,
  • Patio wood decking and metal railing.

Site Improvements

  • Leasing office, clubhouse, laundry building, maintenance shop building, and fitness area;
  • Asphalt parking overlay and striping
  • Concrete patios, walkways, curbs, and ramps, including accessibility upgrades
  • Landscaping and tree trimming;
  • • Dumpster enclosures
  • Multi-purpose sports court featuring 13,000SF of polypropylene mesh tiles, 20’x20′ picnic/barbeque/gazebo area, and edging/play chips in playground area;
  • Site lighting, perimeter fencing, and decorative pool fencing;
  • Re-stabilized three ponds, and structurally repaired and repainted landmark bridge structure and signs; and,
  • Coordinated with the city of Indianapolis to engineer and install a sidewalk and public