What Core Redevelopment does

Core Redevelopment is a privately held Indianapolis-based real estate development and property management firm founded in 2009 that specializes in the adaptive reuse of historic and otherwise distinctive structures — schools, hotels, industrial buildings, stadiums, and commercial properties — into market-rate multifamily housing. The company owns and operates a portfolio of 20+ named apartment communities comprising more than 7,000 units across five markets: Indianapolis, Lafayette, Terre Haute, and Austin in Indiana, plus Cincinnati, Ohio. Properties feature preserved architectural character (National Register of Historic Places designations, original terrazzo, chalkboards, and exposed brick) combined with modern amenities such as stainless steel appliances, granite countertops, in-unit washer/dryers, Nest thermostats, Latch keyless entry, fitness centers, and outdoor amenities.

The company's core revenue model is direct-to-consumer residential leasing, with monthly rents ranging from roughly $869 for studios to $1,800+ for two-bedroom units and townhomes. Ancillary revenue streams include $100 application fees, $400-$600 refundable security deposits, and $250 one-time plus $25/month pet-related fees. The technology architecture is assembled from third-party platforms rather than internally developed: AppFolio serves as the property management backbone (online leasing, rent collection, maintenance ticketing), while Nest, Latch, and Pet Screening provide smart home, access control, and pet authorization respectively. Residents access services through a web and mobile resident portal (iOS and Android).

Core Redevelopment is a licensed general contractor and a member of the National Association of Home Builders, with a founder-led operating model historically funded by acquisition-based capital deployment involving hundreds of millions of dollars across its certified historic tax credit rehabilitation portfolio. Distribution is conducted through its SEO-optimized website, blog content, AppFolio-enabled self-service leasing, and on-site leasing offices at each property, with no third-party resellers or channel partners.

Name

Core Redevelopment

Legal name

Core Redevelopment

Website

https://coreredevelopment.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Core Redevelopment is a private Indianapolis-based real estate developer and property manager that acquires and adaptively reuses historic structures into 7,000+ market-rate apartments across Indiana and Ohio, leasing directly to individual renters, students, and families.

Ownership category

akta.pro rank

Product category

Residential Property Management

NAICS

Lessors of Residential Buildings and Dwellings (53111), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Operators Of Apartment Buildings (6513), Operative Builders (1531)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industries

Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Adaptive reuse development
• Historic property rehabilitation
• Multifamily property management
• Market-rate apartment rentals
• Historic tax credit projects

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices18 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Residential Rental Income: Core Redevelopment generates primary revenue through monthly rental payments from tenants in their apartment communities. The company manages over 7,000 market-rate apartments across Indiana and Ohio, with rents ranging from approximately $900 to $1,800+ depending on unit size, location, and amenities. Lease terms typically range from 12 months with flexible options available.
2. Application and Screening Fees: The company collects application fees ($100 per applicant) and security deposits ($400-$600 depending on unit) as part of the leasing process. These are one-time fees collected at move-in.
3. Pet-Related Revenue: Revenue generated from pet fees including $250 non-refundable pet fee per pet at move-in and $25 monthly pet rent per pet. Pet authorization is managed through third-party Pet Screening service.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Core Redevelopment develops, owns, and manages market-rate apartment and townhome rentals by acquiring and adaptively reusing historic structures (schools, hotels, stadiums, industrial and commercial buildings) into modern multifamily communities. The company manages 7,000+ apartments across 20+ named properties in Indiana and Ohio, offering studio, 1-bedroom, 2-bedroom units, and luxury townhomes with modern amenities, and operates the leasing lifecycle through the AppFolio platform.

Product overview

Core Redevelopment is a property management company that operates a portfolio of market-rate apartment and townhome rentals across the Midwest. The company specializes in adaptive reuse of historic buildings—including schools, hotels, commercial buildings, and stadiums—into modern luxury multifamily housing. Their portfolio includes 20+ named properties across Indianapolis, Lafayette, Terre Haute, and Austin in Indiana, and Cincinnati in Ohio. Core offerings include studio, 1-bedroom, and 2-bedroom apartments, as well as townhomes with features like private backyards and garages. Residents access services through the AppFolio-based resident portal for rent payments, maintenance requests, and communications.

Differentiator

Problem solved

Functional benefit

Brands

• CORE: Property management and apartment rental brand operated by Core Redevelopment

Products and services

• Apartment Rentals Market-rate apartment rentals in studio, 1-bedroom, and 2-bedroom configurations available across Core Redevelopment's 20+ properties in Indiana and Ohio, serving individual renters, couples, and families.
• Townhome Rentals Premium townhome rentals at Fall Creek Place in Indianapolis with private backyards, detached garages, semi-private decks, and multiple bedrooms, starting at $1,707 per month, for families and renters seeking house-like space.
• Harding Street Lofts Luxury loft apartments in a historic 4-story building originally constructed 1894-1898 for the H. Lauter Furniture Company in Indianapolis, featuring 12-foot ceilings, exposed brick, polished concrete floors, stainless steel appliances, and a courtyard.
• Wyndham on Delaware Historic Tudor Revival-style building on the National Register of Historic Places in Indianapolis offering 1- and 2-bedroom luxury apartments with European-style cabinetry, quartz countertops, in-unit washer/dryer, and a fitness center.
• Townhomes at Fall Creek Place 60 newly renovated townhomes in the Fall Creek Place neighborhood of Indianapolis with polished concrete floors, stainless steel appliances, private backyards, semi-private decks, and detached garages.
• Capitol and Chelsea Manor Downtown Indianapolis apartment communities (Capitol Manor near 9th & Capitol; Chelsea Manor in the Historic Old North Side District) offering renovated units with stainless steel appliances, wood flooring, on-site laundry, and complimentary storage.
• Five Twenty Virginia Historic 1852 school building converted to luxury apartments in the Fletcher Place neighborhood of Indianapolis, featuring granite countertops, direct access to the Indianapolis Cultural Trail, and free parking.
• Historic Irvington Flats Renovated historic apartment building in the Irvington neighborhood of Indianapolis featuring Nest smart thermostats, keyless entry, granite countertops, polished concrete floors, stainless steel appliances, and an oasis courtyard.
• Maryden on Central Early 20th-century building in the Old Northside historic neighborhood of Indianapolis featuring original architectural details, hardwood floors, sunrooms in select units, and custom high-end finishes with designer kitchens.
• Schoolhouse Flats in Irvington Historic 1920s school building converted to apartments in Irvington, Indianapolis, featuring original wood or terrazzo flooring, original chalkboards and built-in bookcases, in-unit washer/dryer, Nest thermostats, stainless steel appliances, and gated parking.
• Roberts School Flats 1936 Art Moderne school (formerly James E. Roberts School #97 for children with physical handicaps) converted to 33 unique apartments in Indianapolis, preserving original features including wheelchair ramp system remnants and hydrotherapy pool elements.
• Senate Manor
• Stadium Lofts Luxury apartments in the historic Bush Stadium building in Indianapolis featuring polished concrete flooring, stainless steel appliances, granite countertops, full-size washer/dryer, fitness rooms with Tonal and Peloton, outdoor courtyard, pickleball court, and 3 acres of greenspace.
• Wheeler Lofts Former Wheeler-Schebler Carburetor Factory (1911-1951) on the National Register of Historic Places, converted to loft apartments in Indianapolis with modern kitchens, in-unit washer/dryer, a fitness center, and indoor bike storage.
• Alumni Lofts Historic former School for Creative and Performing Arts (1908) on the Cincinnati Historic Registry, converted to loft apartments with stainless steel appliances, granite counters, washer/dryer, fitness room, outdoor courtyards, and automated package management.
• New Windsor Flats
• Windsor Flats Rehab Historic schoolhouse (built 1888, expanded 1918) redesigned in 2017 into 41 luxury flats in Cincinnati with unique floor plans, original classroom atmosphere, and Nest thermostats.
• Lahr Apartments One of the Midwest's first hotels (built 1830s), fully renovated in 2015 to 74 luxury apartments in downtown Lafayette, Indiana, with the historic Knickerbocker Saloon on the ground floor, located 5 minutes from Purdue University.
• The Deming Historic 8-story Second Empire style hotel (built 1914) in Terre Haute, Indiana, renovated by Core Redevelopment in 2015 with a $6 million capital investment and move-in day of August 2015, offering modern cherry kitchens, updated bathrooms, an exercise room, community media room, and weekly yoga classes; located across from Indiana State University.
• Water's Edge Apartment rental community located in Austin, Indiana, serving residents of the local community.
• Resident Portal Online self-service resident portal (web and iOS/Android apps) powered by AppFolio, allowing existing residents of Core Redevelopment communities to pay rent, submit and track maintenance requests, view account information, and communicate with property management 24/7.

Quantifiable outcome

• 7,000+ market-rate apartments managed successfully
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and standard.

• AppFoliocoreTechnology or IntegrationAppFolio provides the property management platform and resident portal used by Core Redevelopment. This includes the online leasing application system, resident portal for rent payments and maintenance requests, and property management backend. The platform enables digital transformation of the entire tenant lifecycle from application to move-out.
• Pet ScreeningstandardTechnology or IntegrationPet Screening is a third-party screening service used by Core Redevelopment to authorize pets at their properties. Prospective residents with pets must complete a profile through Pet Screening to receive approval and determine applicable pet fees.
• Nest (Google)standardTechnology or IntegrationNest Thermostats are installed in select units across Core Redevelopment properties, providing smart home temperature control and energy efficiency features for residents.
• LatchstandardTechnology or IntegrationLatch keyless entry systems are installed at multiple Core Redevelopment properties, providing secure, keyless building and apartment access for residents.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Regional players

• Lauth Group: Indianapolis-based commercial and residential real estate developer. Comparable as an Indianapolis-anchored developer, though with broader commercial real estate focus beyond multifamily.
• Holladay Properties: Indiana-headquartered full-service real estate development and management firm with multifamily and mixed-use projects across the Midwest. Comparable as an Indianapolis-anchored developer-operator, though with broader property type exposure.

Broad incumbents

• The Richman Group: National multifamily investor, developer, and operator with a large multifamily portfolio across multiple states. Comparable multifamily product and integrated investment/management model at significantly larger scale.
• Edward Rose & Sons: Large, privately held national multifamily developer and operator with an extensive Midwest portfolio. Comparable multifamily product and owner-operator model, but at significantly larger scale and broader geographic footprint.

Emerging players

• McCormack Baron Salazar: National developer specializing in adaptive-reuse and historic rehabilitation of multifamily and mixed-use properties, often leveraging public/private financing and tax credits. Closely comparable to Core's adaptive-reuse and historic tax credit specialty.

Direct peers

• Flaherty & Collins Properties: Indianapolis-based multifamily developer, owner, and manager with a strong Midwest presence including historic rehabilitations and market-rate developments. Comparable in scale, geographic focus, and product mix (including adaptive-reuse projects).
• Kittle Property Group: Indiana-headquartered multifamily developer and operator with a portfolio spanning the Midwest and Southeast. Comparable in regional focus, multifamily product, and integrated development-plus-property-management business model.
• The NRP Group: National multifamily developer, owner, and operator with significant activity in the Midwest and a portfolio that includes historic and market-rate multifamily housing. Comparable as a direct multifamily competitor with broader geographic reach and institutional capital backing.
• Buckingham Companies: Indianapolis-based real estate investment and management firm specializing in multifamily development, ownership, and property management across the Midwest. Directly comparable to Core Redevelopment in geography, product type (market-rate apartments), and integrated developer-operator model.
• Village Green: National multifamily property management and investment company with a heavy presence in urban and historic asset classes. Comparable as a multifamily operator focused on differentiated urban product, including historic rehabilitations.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CoreCentral_317

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Core Redevelopment