A 120-unit development in Muncie, Indiana, is being built with the help of a new state housing tax credit.
The approximately $29 million Kilgore Place is TWG Development’s first community utilizing the new resource. Featuring one-, two-, and three-bedroom units, the development will revitalize the site of the former End Zone Bar & Grill that was destroyed in a fire in 2022.
“Kilgore Place will be a well-rounded community, incorporating high-quality design, energy-efficient materials, large apartment units, and offering residents a wide range of amenities and programs. We aimed to create a place that residents are proud to call home,” said Marisa Conatser, TWG’s development director, in a statement.
The development was among the first projects to receive an Affordable and Workforce Housing Tax Credit allocation from the Indiana Housing and Community Development Authority last year.
Amenities include on-site property management, a playground, a dog park, a fitness center, a community room with activities, ample bike storage, community garden beds, free in-unit Wi-Fi, and CORES—certified resident services that promote professional development and personal growth.
Partners in the project include Monarch Private Capital, First Merchants Bank, Merchants Capital, the city of Muncie, and Security Bank & Trust Co.
Kilgore Place is also Monarch Private Capital’s first deal utilizing the new Indiana credit.
"We are excited to partner with TWG on our first Indiana state LIHTC project," said Steve LeClere, a partner at Monarch Private Capital. "The Kilgore Place apartments will help to address the shortage of quality attainable housing in Muncie and provide a community residents can be proud to call home.”
His firm is a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits.
TWG is a real estate development company specializing in commercial, market-rate, affordable, and senior housing developments. It has transacted over $2.1 billion in development costs and over 11,500 units developed across the country.