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Inland Private Capital Divests Indy Apartments

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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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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