Meridian Homes at Sycamore Drive: From Vision to Successful Investment

McCordsville, Indiana | Build-to-Rent Community

Hartman Capital is proud to reflect on its successful investment in Meridian Homes at Sycamore Drive, a 152-home build-to-rent community in McCordsville, Indiana. What began as an opportunity to meet growing demand for high-quality rental housing in the Indianapolis market ultimately became a thriving residential community and a successful outcome for Hartman Capital and its investment partners.

The vision for Meridian Homes was rooted in a simple idea: offer residents the space, privacy, and comfort of a single-family home while maintaining the flexibility and convenience of a professionally managed rental community. McCordsville provided an ideal setting to bring that vision to life.

Investing in a Growing Market

Hartman Capital began pursuing the project while searching for opportunities in growth markets where a purpose-built, build-to-rent community could offer something meaningfully different from traditional multifamily housing.

McCordsville stood out for its strong population growth, highly regarded schools, suburban quality of life, and access to Indianapolis employment centers. As families and professionals increasingly looked for more space without sacrificing proximity to the city, Hartman Capital saw an opportunity to address a gap in the market.

The concept was particularly compelling because it provided residents with many of the benefits associated with homeownership, including privacy, additional living space, yards, and garages, without requiring the long-term financial commitment or maintenance responsibilities of purchasing a home.

After the property was introduced to Hartman Capital, the opportunity closely aligned with the type of build-to-rent investment the company had been seeking.

Bringing the Vision to Life

The goal from the beginning was not simply to construct rental homes. Hartman Capital set out to create a thoughtfully planned neighborhood that residents would be proud to call home while delivering strong long-term results for its investment partners.

Meridian Homes includes 152 single-family rental homes, consisting of 51 three-bedroom homes and 101 four-bedroom homes. Every home includes an attached two-car garage, with additional features designed to deliver the space and convenience residents expect from single-family living.

Throughout the community, residents have access to paved walking and biking trails, expansive green spaces, ponds with water features, a playground, and a spacious dog park. Lawn care and on-site maintenance contribute to the community's maintenance-free approach, while select homes also offer fenced-in yards.

The finished community provides an alternative to both traditional apartment living and homeownership, combining the privacy of a single-family residence with professional property management and community amenities.

A Community Built Around Demand

As Meridian Homes moved through lease-up and stabilization, the community achieved occupancy in the mid-90% range and continued to experience strong leasing activity even as additional competition entered the market. Healthy renewal activity provided another meaningful indicator that residents valued both the homes and the overall community experience.

That combination of strong occupancy, stable rents, and resident retention reinforced Hartman Capital's belief in the long-term demand for professionally managed build-to-rent communities within growing suburban markets.

The project also demonstrated that this housing model could perform effectively in a Midwest suburban market, offering residents a differentiated housing option while creating a durable investment opportunity.

From Development to Successful Disposition

The sale of Meridian Homes represented the culmination of the project's full investment lifecycle. Hartman Capital and its partners took the property from undeveloped land through planning and construction, lease-up, and ultimately stabilization. By the time of the disposition, the community had established itself as one of the area's premier rental neighborhoods and demonstrated the operating performance necessary to position the asset for a successful sale.

Perhaps the clearest measure of the project's success is the transformation itself. What began as a cornfield became a professionally managed residential community where hundreds of residents now call home.

A Collaborative Effort

Meridian Homes was the result of significant collaboration among Hartman Capital and a group of experienced partners.

A leading institutional investment partner served as the project's capital partner, with Cushman & Wakefield assisting Hartman Capital in identifying the partnership. Lennar served as the homebuilder, RangeWater oversaw property management and leasing, HWC Engineering provided civil engineering and design services, and Weihe Construction led site development.

The successful development and disposition of Meridian Homes would not have been possible without the expertise, collaboration, and commitment of each organization involved.

For Hartman Capital, the project represents more than a successful investment. Meridian Homes at Sycamore Drive validated a vision for build-to-rent housing in the Indianapolis market and demonstrated what thoughtful development, strong partnerships, and disciplined execution can accomplish.

From an undeveloped site to a thriving neighborhood and ultimately a successful sale, Meridian Homes at Sycamore Drive stands as a strong example of Hartman Capital's approach to identifying opportunities, creating value, and building communities designed for lasting demand.