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Financier Warren Buffett visited Indianapolis on Wed., Sept. 28 to celebrate the opening of Phase I of the East Village at Avondale Meadows apartment complex.
Buffett joined his co-founders of Purpose Built Communities (PBC) - Tom Cousins, who holistically redeveloped East Lake in Atlanta which has become the national model for urban redevelopment, and hedge fund manager Julian Robertson - in the ribbon cutting ceremony. Strategic Capital Partners, LLC (SCP) partnered with PBC as a network member in 2010.
East Village at Avondale is a joint development between SCP, PBC, The Sterling Group, Meadows Community Foundation and the City of Indianapolis. The partnership uses PBC's approach to break the cycle of generational poverty in urban areas by ensuring the housing, schools, human services, health care, recreation and all other ingredients necessary for a healthy community are incorporated in the Avondale Meadows redevelopment.
"Avondale Meadows will be an attractive, safe, environmentally-friendly, 100-acre neighborhood that offers a mix of affordable and market rate rental and owner-occupied homes," said Gene Zink, Chairman and CEO of SCP." Phase I includes 248 apartment units, 70 percent of which will be reserved for low- to moderate-income residents, while the remainder will be offered at market rates. "So far, we have taken nearly 2,800 calls from people interested in living at East Village, and 56 have already signed leases," said Zink.
Future phases will include 250 townhomes and single family homes, 600 mixed-income apartments, a 70,000 square foot health and wellness center, a full service grocery store, park, garden and recreational walking, running and biking paths. In addition, the Challenge Foundation Academy and the Charles A. Tindley Accelerated School are located in the Meadows area, and The Excel Center, a high school for adults, will serve 300 students who are interested in general studies, medical and child development careers. SCP expects to break ground in November 2011 on the Health and Wellness Center and a 150-unit senior living project in 2012.
"I co-founded Purpose Built Communities, and invest in developments like Avondale Meadows, because it's got the right missions, it's got a record of success and it's got the right leadership," said Buffett. "What better can you do with money than to help thousands of people change their lives in a very, very positive way?"
Established in 2009, Purpose Built Communities is a nonprofit organization that catalyzes and accelerates holistic community revitalization initiatives around the country. Based on lessons learned from the revitalization of Atlanta's East Lake neighborhood and other successful efforts, Purpose Built Communities helps its network member organizations develop the strategies and partnerships they need to effectively address issues that trap a neighborhood and its people in intergenerational poverty. More information is available online at www.purposebuiltcommunities.org.
Formed in 2005, Strategic Capital Partners, LLC (SCP) is a privately-held real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties across the United States. SCP, through its Strategic Partners Value Enhancement Fund, Strategic Capital Partners Real Estate Opportunity Fund I and Strategic Partners Urban Development Group, has invested more than $1 billion in total capital.
The SCP team of real estate veterans has 200 years and $20 billion of collective real estate investing experience, employing a hands-on, cycle-tested investment approach. SCP has offices in Chicago, Indianapolis and New York.