FISHERS, IN—JSQ Commercial, based in Hinsdale, Ill., has broken ground on two apartment projects located in Houston and here in this Indianapolis suburb.
The projects are part of JSQ’s $36.5 million multifamily development fund, which is a national strategy for the firm in conjunction with Watermark Residential and Thompson Thrift Construction, both of Indiana. The local project is 220-unit development, with delivery expected in March 2014. The Houston project is a 318-unit development that should be complete by mid-2014.
These projects represent the second and third development projects in JSQ’s multifamily fund, which currently has 800 units under construction. The first project in Louisville, Ky. broke ground in June 2012. Vice President Mike McNeive said that Indianapolis and Houston have been two of the fastest growing cities since the recession.
“So far we have been able to secure tremendous land sites in high barrier-to-entry markets, where we will be able to compete well with the existing multifamily supply,” McNeive said in a statement. The fund is targeting seven to nine developments under construction or completed by the end of 2014, with a total of approximately 1,500 to 2,000 units.