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Apartment mogul finds gold in shabby settings. (Peter Dvorak)

Indianapolis Business Journal

| May 25, 1998 | King, Mason | Copyright IBJ Corporation Feb 16, 2009. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Turnaround specialist grows portfolio

Sophomore Peter Dvorak dropped out of Indiana University in 1987, ready to test his mettle as an entrepreneur.

In 1989, he bought a small house near campus in Bloomington with help from a friend. Dvorak's investment amounted to $900.

Intending to rent the house, he installed some new carpet, worked on the yard, and applied paint.

"I wanted to do a little hands-on work so I could understand the process," Dvorak said. "I thought I should do it once or twice to see what was involved."

Nine years later, Dvorak, 30, directs the renovation of massive apartment complexes in Indianapolis as he tends to a wide-ranging local portfolio of 17 properties with more than 1,300 units.

His holdings include historic downtown abodes, such as Lockerbie Court and Harness Factory Lofts. He dominates 52nd Street east of College Avenue with three newly renovated complexes.

Business partners and associates credit Dvorak's recent emergence as an apartment mogul to his knack for spotting golden opportunities in shabby packages.…

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