Second Build-to-Rent Community in County Coming
Empire Group of Companies announced it has closed on a $53 million construction loan with Arbor Realty Trust to develop Village at Hyde Park, a 256-unit single-family build-to-rent community in Noblesville. The project spans 25.5 acres just west of Interstate 69 at E. 141st Street and Marilyn Road, anchoring the west end of the 270-acre Hyde Park master-planned community.
The community will offer one-, two- and three-bedroom detached rental homes with private backyards and an elevated package of amenities, including a resort-style pool and spa, clubhouse, fitness center, dog park and wash, charging stations and landscaped open spaces. Its location places residents immediately adjacent to the shopping, dining and entertainment options within Hamilton Town Center and Marketplace at Saxony. The site is also only a five-minute drive from Ascension St. Vincent Fishers Hospital and the 24,000-seat Ruoff Music Center, one of the Midwest’s most active outdoor concert venues.
“We are thrilled to bring this relatively new and high-demand asset class to this rapidly growing and dynamic community,” said Randy Grudzinski, partner at the Empire Group. “Aside from its proximity to Interstate 69, the project is just a couple of minutes from some of the best shopping, restaurants and entertainment in northeast Indy metro, which should be a huge draw for future residents.”
Village at Hyde Park coincides with the Indianapolis metro experiencing some of the most notable demographic and economic momentum in the Midwest. The region is recognized as the fastest-growing metro in the Midwest, a Zillow 2024 “Hot Housing Market” and one of the country’s top markets for rent growth. Hamilton County, home to Noblesville, Fishers, Carmel and Westfield, remains the fastest-growing county in Indiana, with population increasing by more than 26 percent between 2010 and 2020. Noblesville itself grew nearly 34 percent over the decade, reflecting sustained demand for high-quality rental housing options that combine space, privacy and professionally managed amenities.
Village at Hyde Park marks Empire’s second BTR community in Indiana. A couple months ago, the company closed financing for Village at Chatham Hills, a 168-unit community located on 24 acres at the southern edge of the 740-acre Chatham Hills master plan in Westfield. That project sits directly north of Grand Park, the 400-acre regional sports complex and home of the Indianapolis Colts training camp. Together, the two developments represent Empire’s expanding investment in the Indianapolis metro as demand for suburban, single-family rental living continues to strengthen across the region.