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Milhaus, Gershman Partners, and Citimark close on $70 million multifamily development in Indy

Milhaus, Gershman Partners, and Citimark close on $70 million multifamily development in Indy

Versa will bring 233 studio and one- and two-bedroom apartments to the city's $271 million, Class-A Broad Ripple Village development enterprise.

By MILHAUS | May 30, 2023
Versa will bring 233 apartment units to Indianapolis's Broad Ripple neighborhood.
Versa will bring 233 apartment units to Indianapolis's Broad Ripple neighborhood. Rendering: DKGr, courtesy Milburn

Award-winning developers MilhausGershman Partners, and Citimark Inc. have closed on a prime retail and mixed-use multifamily housing development in the heart of Indianapolis’s most popular submarket, Broad Ripple Village.

Located six miles north of downtown Indianapolis, Broad Ripple Village is in the midst of a $271 million improvement plan, from infrastructure to beautification. The trio of real estate developers have joined hands on Versa, a first-of-its-kind mixed-use development in the heart of Broad Ripple. The $70+ million mixed-use multifamily housing development will sit right off Broad Ripple’s main strip at 6220 Guilford Avenue, Indianapolis.

The project will feature 233 studio and 1- and 2-bedroom units, 245 parking spaces, and many signature amenities. Residents will have a pet-friendly community with no breed restrictions, including a pet spa and bark park and a lounge and clubhouse with a game room, fitness center, conference rooms and a co-working space. Versa will be the only recent development in the village featuring a pool and aqua lounge.


Thanks to Versa's central location, its future residents will be able to immerse themselves in one of the most interesting districts in Indianapolis, replete locally owned pubs and restaurants, coffee shops, boutiques, art galleries, and a booming nightlife.

Alongside Indianapolis’s main waterway, the White River, Broad Ripple offers beautiful greenways like the Monon Trail and parks backdropped with public art and graffiti murals.

Versa streetscape, Indianapolis, courtest Milhaus
Versa will offer Class A design and amenities, including a pool and aqua lounge. Rendering: DKGr, courtest Milhaus

“Developing a new community in Broad Ripple Village was an obvious choice for Milhaus as soon as Gershman and Citimark approached us about the project," said Milhaus Vice President of Development Brad Vogelsmeier. "The Village brings walkability and an urban feel to residents, showcasing local artists and elevating the local community,

“We are eager to capture Broad Ripple's authentic character throughout the interior and exterior design of the property while also bringing key amenities to the area," he said. "Versa will be the first Class A development in Broad Ripple with a full amenity package, including a pool and aqua lounge.” The project will transform the abandoned Kroger Marketplace into a legacy asset for the community and future residents.


Coinciding with the village’s current infrastructure improvement plan, the companies have worked diligently with the Broad Ripple Village Association and the City of Indianapolis to further their vision and commitment to the community. The developers will enhance sidewalks, create a sleek alley, and improve streetscape design elements.

Gershman Partners will spearhead the leasing and management of 3,600 sf of ground-floor retail space with an outdoor patio below the residential living space.  “This partnership understands the sentiment of its patrons, residents, and neighbors in how vital the positive momentum is to this community," said Eric Gershman, Principal of Gershman Partners. "Broad Ripple is a treasured Indy submarket.”

“Working alongside Milhaus and Gershman Partners brought new ideas to this one-of-a-kind development,” said Matt Carlstedt, Managing Director at Citimark. “Our development strategies and commitment to the Broad Ripple community were aligned from day one.”

Lake City Bank provided financing. Construction is under way.

Versa aerial rendering, Indianapolis
Versa is currently under construction six miles north of Indianapolis. Rendering: DKGr, courtesy Milhaus


Developers MilhausGershman Partners, and Citimark Inc.

Architect/Interior designer DKGr

Structural engineer: Lynch, Harrison & Brumleve (LHB)

Civil engineer Civil & Environmental Consultants

MEP engineer: Advanced Engineering Consultants

Landscape architect: Anderson + Bohlander

GC: Milhaus


Milhaus is a national award-winning, vertically integrated multifamily developer, owner, and operator specializing in Class A residential assets. Headquartered in Indianapolis, Milhaus provides unparalleled expertise in real estate, investment, development, construction, and management. Milhaus’s portfolio is comprised of over 10,500 units across 25 properties as of December 2022. Assets under management stood at $1.9 billion. www.milhaus.com.


Gershman Partners “GP” is an Indianapolis-based, family-owned real estate development firm with 30+ years of experience that thrives on its holistic approach to placemaking and place-keeping site selection. Focusing initially on ground-up retail projects, GP has expanded its reach by adding office, multifamily, and industrial properties to its portfolio.  Gershman Partners has acquired or developed in excess of $600 million in projects.  www.gershmanpartners.com


Headquartered in Indianapolis, Citimark is a vertically integrated real estate investment company specializing in acquisitions, development, and asset management. Citimark has established a track record and reputation as a premier full-service real estate investment company focused on industrial, office, and mixed-use properties throughout the Midwest and Southeast. Since inception Citimark has acquired and developed over 25 million sf of commercial property. www.citimarkinc.com.


Lake City Bank, a $6.4 billion bank headquartered in Warsaw, Ind., is the sixth-largest bank headquartered in the state, and the largest bank 100% invested in Indiana. Lake City Bank operates 53 branch offices in northern and central Indiana. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN). lakecitybank.com


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