Gray Capital is pleased to announce the acquisition of Solana at the Crossing, a 384-unit class A apartment community built in 2014 and located on the north side of Indianapolis, Indiana. Dane Wilson and Steve LaMotte of Walker and Dunlop were the brokers facilitating the deal.
Solana is Gray Capital’s eleventh apartment asset in the Indianapolis area. With three full-cycle multifamily investment projects completed in the Indianapolis area that have delivered exceptional returns for investors as well as seven active investments in the city and its surrounding suburbs, Gray Capital’s experience and success within its home market is a large part of the success of the company.
“Indianapolis is home base for Gray Capital. There is no market we know better or have greater passion for than Indy. For us to be able to acquire a beautiful, well-located property, like Solana, is the fulfillment of many years of hard work and dedication from the Gray team. We’re thrilled elevate Solana to the premier waterfront lifestyle asset on the north side of Indy,” said Spencer Gray, President and CEO of Gray Capital.
Solana at the Crossing is Gray Capital’s second acquisition in 2024, following the company’s purchase of the 444-unit River Club Apartments in April. Gray Capital has been diligently pursuing opportunities as the multifamily market emerges from a period of lower investment activity, and their investment in Solana at the Crossing reflects their continued confidence in the growth of Indianapolis and the multifamily market.
Gray Capital’s plan for Solana at the Cross includes several moderate upgrades and improvements to the property. New kitchen plumbing hardware and lights, new smart home technology in 100% of all units, private fenced in yards for select units, further activation of the White River waterfront, as well as a new exterior paint scheme and the installation of EV chargers will further increase appeal for the property.
“The Indianapolis apartment market has been remarkably resilient. Its strong, stable performance has led it to outperform more volatile markets in the country, and we project continued growth, given the magnitude of housing demand in Indianapolis and nationally,” said Spencer Gray.
Gray Capital has now acquired over $112M of multifamily real estate so far in 2024 across 824 units and two properties. Gray Capital’s assets under management total $800M, and the company has had more than $2 billion in transactions to date since its founding in 2015.
