The construction of US$31 million Westmont apartments in the east side of Indianapolis, Indiana has been completed by TWG. The real estate development company constructed the 188-unit affordable workforce housing development that lies on four acres of a former brownfield site along the Monon Trail. The Westmont Apartments Indiana also features 5,000 square feet of amenity space, including a pool with sundeck, a fitness center, and outdoor grilling stations. The Westmont is named after Indianapolis native and lifetime resident Wes Montgomery, one of the most influential jazz guitarists of the 20th century and with construction complete, the property will provide new jobs for the eastside community with an average wage of US$20.00 per hour, nearly tripling the state’s current US$7.75 average minimum wage. EmployINDY, a nonprofit organization that provides opportunities and pathways for quality employment for underrepresented and underserved residents, will give their assistance to recruit and hire new employees.
The project was made possible by several partners with one being the Woodforest CEI-Boulos Opportunity Fund, a partnership between Woodforest National Bank and CEI-Boulos Capital Management. The Westmont is one of ten high-impact investments made so far by the Woodforest CEI-Boulos Opportunity Fund, which recently provided a US$3 million equity investment to the property. TWG also partnered with the City of Indianapolis, providing a tax abatement to the property making this project a possibility.
“CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to truly benefit and revitalize underinvested communities, like Indianapolis’s Near Eastside neighborhood. We’re thrilled to be working with our partners at TWG Development on this transformative project providing affordable housing and improving the environment,” said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. “It is crucial that we continue to develop and construct new workforce housing properties throughout the state of Indiana, especially units that are affordable, in cities like Indianapolis,” said TWG VP of Market Rate Development J.B. Curry.