Carmel’s first build-to-rent community proposed in Legacy development


Approximately 230 single-family attached and detached homes and 120 garden-style apartments – all rentals – have been proposed in the Legacy development in northeast Carmel.

Florida-based Advenir Oakley Development has filed plans with the City of Carmel to construct a residential community known as LEO Living Cottages and Multi-family, which would be the first build-to-rent project in Carmel.

“The LEO Living Cottages and Multi-family community will be a single-family rental and traditional multi-family development with a focus on the new urbanism principle of walkability, incorporating pedestrian-friendly features that foster connectivity and community,” states a project explanation filed with the city.

Current has reached out to Advenir Oakley Development for comment.

Build-to-rent developments typically include newly constructed single-family dwellings built as long-term rentals. They are owned and managed by a developer rather than an HOA and usually include community amenities such as pools, clubhouses and parks. These types of developments have grown in popularity nationwide in recent years.

LEO Living and Cottages is proposed on 32 acres south of 146th Street and west of River Road. Besides the dwellings, it is proposed to include a 1,500-square-foot clubhouse with a leasing office and a facility with a fitness center anchoring a 1,950-square-foot pool. A two-acre outparcel is designated for commercial and retail development at the corner of 146th Street and Community Drive.

The development is within the Legacy PUD, which controls zoning for the area. The petitioners are requesting several amendments to the PUD, which are set to be reviewed by the Carmel Plan Commission at 6 p.m. Sept. 20.

CIC COM 0913 LEO Living 1
A two-bedroom stacked duplex proposed as part of the LEO Living Cottages and Multi-family development. (Rendering from filings with the City of Carmel)

Amendments include:

  • Changing the Primary Office use block to Urban Residential use, which will remove office and other commercial uses in that area
  • Increasing the number of allowable dwellings from 1,250 to 1,447
  • The addition of an outdoor pool and clubhouse, as residents in the LEO development will not be permitted to use the existing amenities

Most of the proposed homes are set to include front patios or porches and private rear yards. The apartments will include one-, two- and three-bedroom options in three buildings adjacent to Community Drive.

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