Chicago & Midwest + Midwest + Apartments | April 26, 2023

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.

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CBRE's LaMotte

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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