Waterfront Terrace Apartments
Indianapolis, Indiana
Repositioning a 256-unit multifamily community through strategic renovations, exterior upgrades, and amenity-driven value creation.
Project Snapshot
Type: Multifamily
Services: Design, Procurement, Investment Due Diligence, Project Planning & Management
Building Size: 256 Units
Overview
This 256-unit multifamily value-add project focused on repositioning an existing apartment community through comprehensive interior, exterior, and amenity improvements. The scope included full interior finish renovations across residential units, exterior repairs and upgrades, common area improvements, and a clubhouse remodel designed to strengthen the property’s market appeal.
The project required careful planning, phasing, and coordination to support ongoing property operations while improving resident experience and long-term asset performance. By aligning renovation scope with investment goals, the project delivered meaningful upgrades that enhanced unit quality, refreshed shared spaces, and created a stronger overall community identity.
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Goals:
Reposition the asset in the market; Increase unit value and leasing appeal; Improve the resident experience.
Challenges:
Managing renovation work across an occupied multifamily community; Coordinating procurement and multiple scopes at once; Maintaining schedule and cost control in collaboration with monthly lease expirations.
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256-unit multifamily value-add renovation program
Full interior finish renovations, including flooring, paint, cabinetry, countertops, fixtures, lighting, and hardware
Unit turnover planning, construction phasing, and renovation coordination
Exterior repairs, façade improvements, site upgrades, and curb appeal enhancements
Common area amenity improvements to support resident experience and leasing appeal
Clubhouse remodel, including interior finishes, layout updates, lighting, furniture coordination, and finish upgrades
Trade coordination, schedule management, quality control, and project closeout
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The project approach focused on balancing asset repositioning goals with the practical realities of renovating a large, active multifamily community. Early planning centered on identifying the improvements that would have the strongest impact on leasing appeal, resident experience, curb appeal, and long-term property value.
Because the scope included unit interiors, exterior repairs, common areas, amenities, and a clubhouse remodel, the work was organized into manageable phases to maintain momentum while limiting disruption to residents and property operations. Trade coordination, procurement planning, unit turnover sequencing, and quality control were managed closely to keep the renovation program moving efficiently across the 256-unit community.
The result was a coordinated value-add execution strategy that improved the property’s market position while supporting ongoing operations and protecting the owner’s investment goals.
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The completed value-add program repositioned the 256-unit multifamily community with upgraded apartment interiors, improved exterior conditions, refreshed common areas, and a remodeled clubhouse. The improvements strengthened the property’s market appeal, enhanced the resident experience, and supported the owner’s broader asset performance goals.
Why This Project Matters
This project demonstrates the ability to manage a large-scale value-add renovation with discipline, coordination, and a clear focus on asset performance. Completing improvements across 256 units, exterior conditions, common areas, amenities, and the clubhouse required more than construction oversight — it required phasing, sequencing, cost awareness, and consistent quality control across multiple scopes of work.
The success of the project shows that the team could execute a complex multifamily renovation while supporting ongoing property operations, improving resident experience, and delivering upgrades that strengthened the community’s market position.