Flats at Stones Crossing
Flats at Stones Crossing is a 292-unit, Class A apartment community located in Greenwood, Indiana, a growing submarket within the Indianapolis MSA.
Property Key Features
Market:
Indianapolis-Greenwood
Number of Units
292
Date Acquired:
10/08/2025
Flats at Stones Crossing is a 292-unit, Class A apartment community located in Greenwood, Indiana, within the Indianapolis metropolitan area. Strategically positioned near major retail, employment centers, and transportation corridors, the property offers an attractive living option in a strong suburban market. Gray Capital’s investment strategy for Flats at Stones Crossing focuses on enhancing the asset’s long-term value through operational excellence and market-aligned positioning, leveraging its location in a growing submarket of Central Indiana. The property benefits from proximity to everyday amenities and access to the broader Indianapolis economy, aligning with Gray Capital’s criteria for stable, income-producing multifamily real estate.
Villas on Fir
Villas on Fir is a 290-unit, class-A apartment property built in 2018 and located in the growing and affluent suburb of Granger, IN (South Bend/Mishawaka MSA).
Waterstone
Waterstone is a 130-unit apartment property located in Evansville, IN and built in 2016.
Club Meridian
Club Meridian is a 406-unit apartment community built in 1989 and located in Okemos, Michigan, an affluent and growing suburb of Lansing.
Carmel Woods
Full-Cycle Project
Net IRR: 33%
Equity Multiple: 2.54x
Park 88
Built in 2017, Park 88 is a
160-unit core-plus acquisition
in growing suburban Des Moines.
INVEST WITH US
Gray capital invests alongside our partners, joining sophisticated family offices and individual investors looking to take advantage of the unique benefits of multifamily real estate.