Case Studies

Flaherty & Collins Properties

National Leader in Multi-Family Homes

Flaherty & Collins Properties (Flaherty & Collins) designed, constructed and manages Cosmopolitan on the Canal, Indianapolis’ newest and most desirable living destination. With 300 employees and 70 properties representing 9,600 units, Flaherty & Collins is one of the largest, most active and experienced multi-family property developers in the Midwest. Flaherty & Collins is proud to note that the company’s talented team has the proven expertise, as well as the commitment, to guide each client’s project from start to finish. Flaherty & Collins develops trust, builds relationships and manages partnerships through each of its endeavors.

The company was founded in 1993 by David Flaherty and Jerry Collins with the intent to improve the multi-family housing industry in Indianapolis, but has since spread to 12 other states. “We’re willing to travel to other markets if there’s a place where there is a good deal,” says Gordon Benner, president of Flaherty & Collins’s construction division.

Divisions of Excellence

Flaherty & Collins started as a construction company and has now evolved into a multi-disciplined company with three separate divisions, a real-estate development division, construction and a property management division. “From a construction stand-point, we do offer third party work, and in years past, our third party business was much higher. But, lately we’ve been focusing on the development division’s projects,” reveals Benner.

David Flaherty, CEO of Flaherty & Collins, was quoted boasting the work on the Cosmopolitan on the Canal, “There is no more trophy property on the multi-family side than this, and multi-family is the preferred property type today. From a desirability perspective, it would be way up there.” The property has a large number of amenities for residents including: a 24-hour health and fitness center, a yoga and pilates studio, a salt-water infinity pool and grilling area, an indoor/outdoor aqua lounge and an attached parking garage with 342 parking spaces.

The biggest thing to set the company apart from its competitors is its ability to understand and work through government regulations that are on the rise in the industry. “We know how to plan, review and most importantly follow codes. Our knowledge of fair housing, new sound issues and new energy issues that affect the projects that we build is crucial. We stay on top of changes in the codes,” says Benner.

New Addition to Master Planned Community

In addition to the Cosmopolitan on the Canal, Benner is excited about one of the company’s newest projects, The Blvd at Anson near the village of Zionsville. The community of Anson is a new 1,700-acre mixed-used master-planned community located northwest of Indianapolis. The Blvd at Anson includes 80 luxury apartments, with both one and two-bedroom apartment homes. Two-bedroom apartment lofts were built during Phase I, and the company recently completed Phase II, which includes both one and two-bedroom apartments ranging from 795 square feet to 1,619 square feet.

During Phase I, the L-shaped buildings include tuck-under garages for the residents and the retail-amenity space includes a conference room for residents to use, a cyber café and a fitness center. A contemporary flat roof contributes to the building’s ‘main-street’ feel.

Phase II includes: a new leasing office, a second 24-hour fitness center, a salt water swimming pool, a tanning bed and a bark park.

Growing Toward Perfection

Flaherty & Collins was also awarded a project that has transformed some of the urban blight in downtown Muncie, Ind., into quality affordable housing for its residents. The city and private owners have already reinvested millions of dollars in the downtown area, but Canopic Building, which is listed on the National Register of Historic Places, had been sitting vacant for years in the heart of downtown Muncie, detracting from other redevelopments. Flaherty & Collins has preserved the historic building’s features and re-created it into 24 affordable housing residences. Flaherty & Collins also renovated nine nearby single-family homes as well.

Looking towards the future, Benner is optimistic about the company’s opportunities in the industry. “We’ll be following the markets and as rent-growth dictates, we’ll look for more opportunities. We are apartment builders, wood-frame rental apartments and we’ll be following those markets that show rent growth so we can complete profitable deals.”

As long as the construction of new single-family homes continues to stagnate, growth is going to turn up in the rental market. Banks have tightened their qualifications for a mortgage, but people still need a place to live. Flaherty & Collins has already made a name for itself in the multi-family market before the slowdown and as long as David Flaherty and Jerry Collins continue to focus on what the company is best known for, Flaherty & Collins Properties position in the industry can only go up.

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