Fast-growing company to build $20M Greenwood apartment complex in own back yard

<p>The site for the 180-unit project is somewhat unusual—inside a business park that includes office buildings, a hotel, a Goodwill outlet store and the headquarters of The Garrett Cos.</p><p><strong>Indianapolis Business Journal</strong></p><p><strong>T</strong>he fastest-growing private company in the Indianapolis area is about to start work on a $20 million apartment complex just a stone’s throw from its headquarters in Greenwood.</p><p>The Garrett Cos., which develops and manages multifamily housing projects in more than a dozen states, has staked out six acres just south of the intersection of County Line Road and Interstate 65 for the 180-unit project, to be called Echelon at Greenwood Springs.</p>[sc:text-divider text-divider-title="Story continues below gallery" ]<p>The site is somewhat unusual. It’s located in Greenwood Springs Business Park, which includes office buildings, a hotel, a gun shop and a Goodwill outlet store.</p><p>It also is home to the Garrett headquarters at 1051 Greenwood Springs Blvd. Garrett executives will have a clear line of vision to Echelon at Greenwood Springs as it’s being developed at 764 Greenwood Springs Blvd.</p><p>“We can all peek over there and keep it operating smoothly,” said Matt Griffin, chief operations officer for Garrett.</p><p>Founded in 2014, <a href="//www.ibj.com/articles/69707-fast-25-the-garrett-cos&quot;" target="&quot;_blank&quot;">Garrett was the top-ranked firm</a> on IBJ’s “Fast 25” list in July with a 1,284 percent growth rate over three years.</p><p>The vast majority of its developments so far have been located out of state. Current project include a $90 million, 288-unit project in Boulder County, Colorado; a $75 million project in Castle Rock, Colorado, outside Denver; and $50 million to $70 million ventures in Orlando and Fort Myers in Florida.</p><p>The firm moved to its current headquarters in March 2017. Executives took notice of the vacant six-acre site around the corner and started drawing up plans, Griffin said. The project received proper residential zoning from Greenwood officials late last year.</p><p>Having Echelon within a short sprint could come in handy for Garrett officials when trying to illustrate aspects of Garrett properties to lenders, equity partners and even subcontractors, Griffin said.</p><p>“It could be available for tours,” he said. “And it’s really convenient for our construction managers to have the project being built right here.”</p><p>Echelon at Greenwood Springs will consist of two main buildings with 120 and 60 units, respectively. The primary structure will be four stories and U-shaped, curving around a large swimming pool and courtyard at its center. The smaller building—also four stories—will be directly to the south and shaped like a capital “I.”</p><p>The unit sizes will range from 775 square feet to 1,400 square feet. About 90 percent of the units will be split evenly between one- and two-bedroom apartments. The remaining 10 percent of units will have three bedrooms.</p><p>Garrett is setting aside about 300 parking spaces for the development. It common-area amenities will include a clubhouse with a pool table and coffee bar; a fitness center with on-demand classes; a large outdoor kitchen with grill station; a gas fire pit; and a dog park.</p><p>Construction is expected to begin in November, with the first units becoming available in fall 2019, Griffin said. The entire complex should be finished in the first quarter of 2020.</p>