Gray Capital Acquires 384-Unit Indianapolis Community
The property previously traded in 2020.
Gray Capital has acquired Solana at the Crossing, a 384-unit multifamily property in Indianapolis. Covenant Capital Group was the previous owner, according to Yardi Matrix information.
Walker & Dunlop Managing Directors Dane Wilson and Steve LaMotte facilitated the deal.
The seller had acquired the asset in December 2020 from Inland Real Estate Group, the same source shows. The community had previously changed hands in 2014 for $60.5 million.
This transaction brought Gray Capital’s Indianapolis footprint to 11 communities while also being its second acquisition of the year. The firm’s total investment volume year-to-date stands at more than $112 million across 824 units.
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The company plans to conduct several upgrades at the property, including new smart home technology in all units, private fenced-in yards for select layouts and further activation of the White River waterfront. The firm will also install EV charging stations.
Solana at the Crossing came online in two phases between 2009 and 2014 and encompasses 20 three-story buildings. The unit mix consists of one-, two- and three-bedroom layouts, ranging from 536 to 3,058 square feet. Amenities at the 46-acre property include a fitness center, clubhouse, swimming pool, business center, boat dock and barbecue and picnic area. The community also has a media room, yoga area and sundeck.
The property is at 7745 Solana Drive, about 2 miles from several dining and retail destinations. Downtown Indianapolis is 10 miles away, while the Indianapolis International Airport is 30 miles southwest.
Smaller transaction volume in Indianapolis
As of August, Indianapolis’ multifamily sector registered $414 million in sales across 28 properties—about 5,450 units—according to Yardi Matrix information. By comparison, 32 assets—some 6,660 apartments—traded during that same interval in 2023 for $577 million. However, the price per unit increased year-over-year from $97,719 to $100,635.
In July, D.R. Horton sold Sandalwood West, a 142-unit build-to-rent asset in Greenfield, Ind. A real estate fund managed by Up&Up acquired the 2023-completed asset in a deal brokered by Marcus & Millichap.
