December 1, 2020
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 Nashville-based Covenant Capital Group.
Steve LaMotte, Jr., an EVP and co-leader of CBRE’s Indianapolis Louisville Multifamily team, along with Dane Wilson and Alex Possick, represented the seller in the transaction. Terms of the sale weren’t disclosed.
“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, offers the densest and most prominent collection of office, retail and dining in the city.
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