The Maxwell
The Maxwell is a class A luxury midrise apartment community located in the central business district of downtown Indianapolis, Indiana.
Property Key Features
Market:
Indianapolis, IN
Number of Units
105
Date Acquired:
09/01/2017
The Maxwell is a class A luxury midrise apartment community located in the central business district of downtown Indianapolis, Indiana. Originally built as condos and then converted to market rate rentals, the interior finishes of the Maxwell offer a higher quality significantly above its new construction and luxury competitors, all while offering a discount to the higher market rents in the area. By utilizing an FHA HUD 223(K) loan to finance the asset, we were able to lock in a low fixed interest rate amortized over a 35 year period with a 35 year term – essentially removing interest rate risk and exit timing risk from the asset.
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).
Echo Park
Echo Park is a 154-unit, class-A apartment property built in 2016 and located in Bloomington, Indiana, home to Indiana University.
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.
Forest Ridge
Forest Ridge Apartments is a Class B+ apartment community located in Bloomington, Indiana and built in three phases between 2005 and 2008.
Sycamore Terrace
Sycamore Terrace is a 250-unit, class-A apartment community built in 2011 and located in Terre Haute, Indiana.
Abbey Court
Full-Cycle Project
Net IRR: 38%
Equity Multiple: 3.44x
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.
