INDIANAPOLIS, Oct. 7, 2025 /PRNewswire/ — Gray Capital, a multifamily investment firm headquartered in Indianapolis, today announced the successful acquisition of Flats at Stones Crossing, a 292-unit Class A apartment community located in Greenwood, Indiana (Indianapolis MSA).
Flats at Stones Crossing is Gray Capital’s twelfth apartment asset in the Indianapolis area. The firm’s deep experience and success within its home market have been central to the company’s continued growth and performance.
“Indianapolis and its surrounding submarkets are a core focus for Gray Capital. We believe deeply in the long-term fundamentals here in Indy, especially in suburbs like Greenwood,” said Spencer Gray, President & CEO of Gray Capital. “We are excited to further refine and elevate this community to deliver an exceptional living experience to residents in Greenwood.”
The acquisition marks Gray Capital’s only addition to their portfolio in 2025, following its purchase of the 384-unit Solana at the Crossing in September 2024, located on the Northeast side of Indianapolis. The firm strategically pursued The Flats at Stones Crossing as part of their highly selective investment thesis and on-going efforts to source high-quality newly developed multifamily assets at a discount within fundamentally strong Midwest markets. This transaction reflects Gray Capital’s continued confidence in the Indianapolis region, the Midwest growth story, and the long-term strength of multifamily housing.
Gray Capital’s plan for The Flats at Stones Crossing includes an elevation of the community’s already competitive amenity offerings through the addition of several new outdoor community spaces, improvements to landscaping, and parking. New outdoor “grill-and-chill” patio areas are designed to foster resident engagement and provide a true “backyard” experience uncommon among apartment communities.
“We’re always looking for ways to add more tangible value to our communities in ways our residents actually benefit – more than just aesthetics,” added Gray. “We are long term owners, and we’re committed to the Flats at Stones Crossing and Greenwood community for the long term,” said Spencer Gray.
Gray Capital’s assets under management now total over $1B, and the company has had more than $2.5 billion in transactions to date since its founding in 2015.
The transaction was facilitated through CBRE’s IN+OH+KY Multifamily Team, lead locally in Indianapolis by Hannah Ott, Cameron Benz, and Claire Hassfurther.
DISCLAIMER: This is not an offer to invest. Any investment offer will be made through a private placement memorandum.
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SOURCE Gray Capital
