Acquired by Harmony in 2019, Churchill Ranch (the "Property"), built in 1995, is a 134-unit garden-style affordable apartment community, situated on 13.79 acres land in Indianapolis, IN. The Property is comprised of 15, two-story residential buildings plus 2 ancillary buildings. Offering three different floor plans of two-, three- and four-bedroom unit types, the property's units will vary in size from 930 SF, 1,190 SF and 1,460 SF, respectively, with an average of 1,103 SF. The extended use agreement restricts 100% of the units to 60% AMI or less.
Harmony Housing will use proceeds of the financing to make capital improvements and stabilize the property.