Forza completes its largest residential acquisition in Putnam County

Forza closed on all three Greencastle properties in mid-February 2025 and expects to complete all renovations by early July.

Forza Commercial Real Estate has announced the acquisition of three residential properties in Greencastle.

The properties include: Colonial Arms Apartments (400 Illinois Street), Maple Terrace Apartments (506-508 Maple Avenue, and Roban Apartments (327 S Bloomington Street).

Following the 2024 launch of Putnam County’s Growing Green and Gold Together initiative—established by DePauw University and the City of Greencastle to support local development and enhance residents’ quality of life—Forza recognized a shared commitment to improving lives through quality and affordable living.

“During our analysis of the Greencastle area and the condition of each complex prior to purchasing, we recognized an opportunity to greatly improve its overall condition and offer better housing options to current residents,” said Forza Director of Construction Mike Kienholz. “As we explored opportunities for partnership, it became clear that the city of Greencastle shared our mission of enhancing the quality of community living. This alignment made the decision to go into partnership with the city of Greencastle a natural choice.”

Forza closed on all three Greencastle properties in mid-February 2025 and expects to complete all renovations by early July. The renovation plans include the company’s standard upgrades: new roofing, flooring, and modern aesthetics, as well as necessary major repairs like mold remediation, crawl space encapsulation, and deep patch asphalt repairs.

“At the time of purchase, the condition of each complex was in poor condition,” said Kienholz. “Our focus is on addressing major issues that pose potential health and safety risks to residents. Once these critical repairs are completed, along with aesthetic and functional improvements, we are confident that both the residents and the surrounding communities will benefit greatly.”

With a county population exceeding 30,000 residents, more than 200 locally owned businesses, and a thriving entrepreneurial landscape, Forza’s acquisition will contribute to Putnam County’s strong local economy. It also marks one of Forza’s most significant residential development projects to date. While this is currently the company’s only planned acquisition for the year, Forza continues to explore future real estate development opportunities.