CBRE has arranged the sale of Solana Apartments, a 384-unit waterfront community in the Keystone Crossing submarket of Indianapolis. An affiliate of Inland Private Capital Corporation sold the property to a real estate fund managed by Covenant Capital Group, a real estate investment manager located in Nashville, Tennessee.
Steve LaMotte, Jr., an executive vice president and co-leader of CBRE’s Indianapolis Louisville Multifamily team, along with Dane Wilson and Alex Possick, represented the seller in the transaction.
“The Solana offering was launched in mid-March 2020, at the onset of the pandemic in the U.S.,” said LaMotte. “It was our core belief that there would still be investor demand for high-quality Indianapolis product. Solana was well received and traded at pre-crisis level, as correlated to a loan assumption.”
Keystone Crossing, located in Indianapolis’ high-income northern suburbs, is an esteemed infill submarket with the most dense and prominent collection of office, retail and dining in the city.
