Gray Capital, a real estate investment firm based in Indianapolis, has secured a $25 million deal to purchase Flats at Stones Crossing, a 292-unit Class A apartment community in Greenwood, Indiana, part of the greater Indianapolis metropolitan area.
The property marks the company’s twelfth multifamily acquisition in the Indianapolis region and highlights its ongoing focus on the local market.”Indianapolis and its surrounding submarkets are a core focus for Gray Capital. We believe deeply in the long-term fundamentals here in Indy, especially in suburbs like Greenwood,” said Spencer Gray, President & CEO of Gray Capital. “We are excited to further refine and elevate this community to deliver an exceptional living experience to residents in Greenwood.”
This deal is Gray Capital’s first and only acquisition of 2025, following the purchase of Solana at the Crossing, a 384-unit property on Indianapolis’ northeast side, in September 2024. The company targeted Flats at Stones Crossing as part of its strategic plan to acquire newly developed, high-quality multifamily properties at competitive prices across strong-performing Midwest markets. The purchase aligns with Gray Capital’s confidence in the Indianapolis region and the broader Midwest multifamily sector’s long-term potential.
The firm has announced plans to upgrade the Greenwood property with new community amenities, including enhanced outdoor spaces, improved landscaping, and expanded parking. A key feature will be new “grill-and-chill” patio areas aimed at creating engaging shared spaces for residents and providing a “backyard” feel rarely found in apartment complexes.
“We’re always looking for ways to add more tangible value to our communities in ways our residents actually benefit – more than just aesthetics,” added Gray. “We are long term owners, and we’re committed to the Flats at Stones Crossing and Greenwood community for the long term.”
Gray Capital’s portfolio now includes more than $1 billion in assets under management, with over $2.5 billion in total transactions since its establishment in 2015. The acquisition was facilitated by CBRE’s IN+OH+KY Multifamily Team, led in Indianapolis by Hannah Ott, Cameron Benz, and Claire Hassfurther.
