Developer buys Indiana multifamily project

Plans to add higher-end units by next year

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The developer of a brand-new, 264-unit multifamily project in Plainfield, Ind., has sold the property to a Chicago-based developer for an undisclosed price. Flaherty & Collins, which developed the class AA project called Central Park at Metropolis Apartments, unloaded the property on Becovic Cos. According to a press statement, this latest acquisition is Becovic's third in the Indianapolis area. The company also owns The Springs Luxury Waterside Apartments and The Grande Reserve at Geist. Muhamed Becovic, president of Becovic Management Group, is currently working on plans to begin construction on an additional 51 units at the Plainfield site. Becovic said construction is slated to begin next month, and the two- and three-bedroom units will feature high-end finishes such as alder cherry cabinets, stainless steel appliances and direct-access garages. ...