PRP has acquired Cosmopolitan on the Canal, a 218-unit Class A multifamily property located along the Central Canal in downtown Indianapolis, Indiana.

Originally constructed in 2010, the community’s interiors remain in their original condition and will undergo a comprehensive renovation. “This acquisition reflects our continued strategy of investing in high-quality multifamily communities in growth-oriented U.S. markets,” said Jon McAvoy, Chief Investment Officer of PRP. “Indianapolis is experiencing continued strong economic momentum driven by billions of dollars of infrastructure, education, and medical investment.”

The property sits between two of downtown Indianapolis’ most significant developments: the $4.3 billion Indiana University Health expansion and the bifurcation of IUPUI into Indiana University Indianapolis and Purdue University in Indianapolis. The property’s waterfront setting, amenity offerings, and proximity to market-leading employment centers make it a premier rental community in Indianapolis.