The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-11-02
new APARTMENT HOUSE
LARGE INVESTMENTS BEING MADE
By FRED f. FUTILE AND WIFE.
New Structure That VIII Cost S42,-
I5O-Faith i'm indianapolis
Real Estate Values.

The new apartment building about to be
erected by Fred E. futile and his wife on
Alabama, New Jersey and the north side of
Eleventh street is TO be on plan entirely
different from any apartment building pre-
viously erected in indianapolis. Mr.. and
Mrs. futile have just bought the piece OF
ground of about the same size lying on the
south side of Eleventh street and will build
on it early next spring an apartment build
ing TO harmonic with the one which they
are to construct at once.
The contract for the first building has
been let TO Fred G. Smock and calls fer an
expenditure of $42, $50. The building will be
solid and at the same time W i'll, in fact, be
made up of twenty-seven separate and dis
tinct houses. Each house will be equipped
with electric lights. thoroughly modern
baths, steam heat, laundry in the base
ment and a private cellar. Electric light
ing and steam heating plants will be in
stalled in the building for the accommoda-
ton of the tenants OF the twenty-seven
houses.
The structure is to be of substantial brick
construction with handsome stone trim
mings, and it, together with the companion
apartment building, will be highly orna-
mental to the part of the city in which
they will be located.
The deals BY which both tracts of ground
were acquired by the Turtles were nego-
tiated by w. f. Stevenson. Mr.. Stevenson
tells an interesting story of the way IN
which Mr.. futile happened TO be drawn TO
Indianapolis as a place for investment OF
capital.
Three years ago" said Mr.. Stevenson,
Fred f. futile resided in San Francisco,
and while on his way TO New York was
taken sick between Terre Haute and In
dianapolis and stopped off in this city to
remain until he became better. During ms
convalescence he walked about the city
and at times procured a bicycle and mace
extended tours over the residence districts.
"One day he came to see me, ana AFTER
introducing himself said that he believed
he would invest some money in this city.
Do you live here? i asked.
q" No. he replied.
Then why do you wish to invest money
here? | inquired for the purpose of satisfy
ing my curiosity.
" Because he returned promptly, your
real-estate values here are good. L would
rather have money invested in indianapolis
at per cent. than in any of the Western
States at per cent, because your values
here first-class and L would be certain
to get my money back
Before he left the city that time he in
vested between $4,000 and $4,000 in real es-
tate, and since then he has increased his
holdings until they now amount to about
SIS 900.
THAT is what 1 like to see" continued
Mr. Stevenson; plenty of fresh capital
coming into the city. 1t demonstrates the
high position Indianapolis occupies in the
estimation of the outside world
Speaking of real estate in general, Mr.
Stevenson said: ''Ihe real-estate market of
Indianapolis is in admirable condition
There are no fictitious values. Everything
is on a substantial basis. You do not find
improved property thrown on the market
to satisfy mortgage. And the market is
not spasmodic. During the past summer
the sales have not been of a startling char
acter at any time, but the trading has been
steady and continuous. That is as it
should be. 1t shows the city is growing
along right lines. I am a firm believer in
inducing all the outside capital possible to
invest here. There is nothing better for the
city,