Gray Capital Acquires Solana at the Crossing in Indianapolis for $112 Million

Gray Capital has completed the acquisition of Solana at the Crossing, a 384-unit Class A apartment complex located on the north side of Indianapolis, Indiana. Built in 2014, this property represents the firm’s eleventh multifamily investment in the Indianapolis area.

The company’s portfolio in Indianapolis includes three fully completed projects that have delivered notable returns for investors and seven ongoing investments within the city and its suburbs. Gray Capital’s deep familiarity with its home market is a significant factor in its strategy.

Spencer Gray, President and CEO of Gray Capital, emphasized the importance of Indianapolis to the firm’s operations, stating, “Indianapolis is our home base. No market is more important or familiar to us. Acquiring a property like Solana is a testament to years of effort and dedication by our team.”

This acquisition marks Gray Capital’s second purchase in 2024, following the acquisition of the 444-unit River Club Apartments earlier this year. The company has been active in pursuing opportunities as the multifamily market shows signs of recovery, reflecting its confidence in both Indianapolis’s growth prospects and the overall multifamily sector.

With these two acquisitions, Gray Capital’s 2024 investments now total over $112 million, encompassing 824 units across two properties.

Planned Upgrades for Solana at the Crossing

Gray Capital plans several enhancements to Solana at the Crossing. These include the installation of new kitchen plumbing, updated lighting, smart home technology in all units, private fenced yards for select units, enhanced access to the White River waterfront, a new exterior paint scheme, and the addition of electric vehicle (EV) charging stations.

Spencer Gray noted the resilience of the Indianapolis apartment market, which he said has outperformed more volatile markets. “We see continued growth potential due to strong housing demand in Indianapolis and across the country,” he added.

Gray Capital currently manages assets totaling $800 million and has completed transactions worth over $2 billion since its inception in 2015. The acquisition of Solana at the Crossing was facilitated by brokers Dane Wilson and Steve LaMotte of Walker and Dunlop.

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