Core Redevelopment Acquires, Renames Indianapolis Apartments
CBRE has completed the sale of The Residences at Keystone Crossing, a 129-unit high-rise apartment complex in Indianapolis, to Core Redevelopment. The buyer has renamed the apartment complex VITRA Apartments. Steve LaMotte, Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Highline Hospitality Partners.
Located at 8785 Keystone Crossing in the Keystone Crossing submarket, the 12-story building is the metro’s only suburban high-rise. Originally constructed in 1987 as a hotel, the southern of the two towers was converted to apartments in 2012. Residents of the building have access to all the adjacent Sheraton Hotel amenities.
“VITRA Apartments is one of the city’s most iconic landmarks and is the only suburban high-rise in the Indianapolis suburbs,” said LaMotte. “The asset is pedestrian to all the employment in the city’s most recognizable office district, as well as nearby fine dining, entertainment and the attached Fashion Mall at Keystone.”
The apartment building will be managed by PRAXM and its purchase places the tower in the hands of an apartment operator for the first time ever.