INDIANAPOLIS, IN – Gray Capital, a multifamily investment firm headquartered in Indianapolis, 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.

CHARLOTTE, NC – Sherman Residential acquired Elan Research Park, a Class A multifamily property in Charlotte, North Carolina, and renamed it Axis at the Park. Axis at The Park is a 348-unit luxury apartment community built in 2023 located in a dynamic suburban location.
The asset sits outside of the University (UNC Charlotte) submarket and at the footsteps of Research Park, which has 11 million square feet of office space that includes Wells Fargo, Vanguard, TIAA and Atrium health.
Axis at the Park’s garden-style property and its resident-focused amenities deliver: Studio to three-bedroom apartments reaching nearly 1,500 square feet; Two-story townhomes with attached garages; Luxury finishes, such as quartz countertops and matte black fixtures; Unique amenities for the area, including a pickleball court, two gated dog parks, and a resort-style swimming pool with designated lap lanes; Modern spaces available for work and study with both private offices and group work booths; An urban oasis with multiple outdoor lounges, fireplaces, and green spaces along the tree line; and Conveniences like three Level 2 EV chargers, in-unit washers and dryers, 24-hour fitness center and flex workspaces, and private garages.
We’re excited to return to North Carolina after the successful sale of a Charlotte asset earlier this year. Axis at the Park’s modern design and desirable submarket will make it a great addition to the Sherman portfolio.
Sherman Residential has been in the real estate business for over 100 years and currently owns assets in five states. The family-owned company is headquartered in north suburban Chicago.

SCOTTSDALE, AZ – Goodman Real Estate (GRE), a leading Seattle-based real estate investment firm, announced its acquisition of a premier luxury apartment community in Scottsdale, Arizona. The 119-unit property was acquired in a significant transaction The acquisition of this generational asset highlights the high barrier to entry in the coveted Old Town Scottsdale market, reinforcing our position while emphasizing the exceptional value and desirability of multifamily properties in the region.
The acquisition marks a strategic expansion for Goodman Real Estate within the thriving Arizona market. Known for its portfolio of high-quality, well-located multifamily properties, GRE’s purchase of this prominent Scottsdale community highlights its commitment to investing in high-growth areas.
Nestled in the heart of Main Street in Downtown Scottsdale, Scottsdale on Main is ideally situated, offering residents exceptional amenities and immediate access to the vibrant culture, dining, and retail of the surrounding Scottsdale area. The property features an exceptional selection of resort-inspired amenities, including an expansive outdoor kitchen and lounge perfect for entertaining, an expansive fitness center, year-round outdoor pool, and more—capturing the essence of luxurious Scottsdale living. Goodman Real Estate is committed to enhancing the community further by introducing a luxurious sauna and spa as part of planned renovations and upgrades in the coming months.
“Scottsdale on Main is a perfect fit for our vision—well-located, amenity-rich, and full of potential. We’re proud to bring the Goodman standard of excellence to this dynamic community,” said Kelli Jo Norris, President of Goodman Real Estate.
This transaction reinforces the strength of the luxury multifamily market in Scottsdale, which continues to attract discerning residents and savvy investors. Goodman Real Estate is recognized for its hands-on management approach and its focus on enhancing the resident experience through thoughtful capital improvements and operational excellence.
The addition of this asset strengthens Goodman Real Estate’s presence in the Southwest and aligns with its long-term strategy of acquiring premier properties in key metropolitan markets. The firm’s expertise in property management and value-add investment strategies will ensure the community continues to deliver an exceptional standard of living.
“This community is a remarkable addition to our expanding portfolio in the Arizona market. We are excited to continue exploring strategic investment and growth opportunities in the region, reinforcing our commitment to being an integral part of this thriving and dynamic community,” said John Goodman, Founder of Goodman Real Estate.
This sale underscores the strength and resilience of the Greater Phoenix housing market, highlighting its strategic positioning for sustained growth. As the region continues to attract forward-thinking investors, it reinforces a commitment to supporting local communities and fostering their ongoing development and growth.

CLEVELAND, OH – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the grand opening of The Collins, a 316-unit luxury community on the Scranton Peninsula in Cleveland, Ohio. The development has transformed a long-underutilized waterfront site into a vibrant new neighborhood, adding modern housing, open space and direct access to downtown Cleveland, Tremont and Ohio City.
Just steps from the Cuyahoga River and a short drive to downtown Cleveland, The Collins offers highly amenitized residences designed for a wide range of residents. The project responds to the city s growing need for high-quality, modern housing while activating a key part of the Scranton Peninsula.
The Collins demonstrates what is possible when you invest in Cleveland, said Aaron Pechota, Executive Vice President at The NRP Group. As a Cleveland-based company, we are proud to support the city s growth by reimagining this long-underutilized stretch of the Scranton Peninsula into a vibrant, well-connected neighborhood closely tied to downtown and everything that makes this city special. By leading early investment in this rediscovered area, we are bringing new energy and opportunity to one of Cleveland s most central neighborhoods.
Located at 1957 Carter Road, The Collins is close to major employers and medical centers including Cleveland Clinic, University Hospitals and MetroHealth, along with cultural and dining destinations such as the West Side Market, Great Lakes Brewing and Irish Town Bend.
Designed by BKV Group, The Collins spans over seven acres and comprises two five-story apartment buildings and three townhome buildings. Apartments range from studios to three-bedroom layouts. Townhomes include private entry, rooftop balconies and two-car garages. All homes are designed with high-quality finishes such as stainless-steel GE appliances, polished quartz countertops, modern cabinetry and luxury vinyl plank flooring.
Indoor amenities include a state-of-the-art fitness center, resident clubhouse, conference room, private breakout pods and a pet spa. A fifth-floor lounge provides sweeping views of the river and city skyline. Outdoor amenities emphasize connection and community. The Collins features a resort-style pool, firepits, grilling stations and a woonerf-inspired plaza designed for events, food trucks and neighborhood gatherings. Wide walkways prioritize pedestrians and connect directly to the Towpath Trail, with free onsite bike rentals available for residents to ride the trail to Irish Town Bend, Ohio City and downtown Cleveland.
Dollar Bank is proud to support a project that reimagines what urban living can look like in Cleveland, said Bill Elliott, Executive Vice President and Regional Lending Director at Dollar Bank. Financing developments like The Collins allows us to channel capital into projects that create long-term local value by adding housing, green space and connectivity that strengthen neighborhoods and help drive Cleveland s economic future.
Dollar Bank served as the construction lender. The Ohio Department of Development provided critical funds through its Brownfield Remediation and State Opportunity Zone Programs. The Ohio Water Development Authority provided gap financing as well. The City of Cleveland also provided tax abatement and Tax Increment Financing (TIF). All were crucial in achieving a successful project.

SCOTTSDALE, AZ – Elevest Capital, a privately held real estate investment firm specializing in multifamily assets, announced the closing of Fund 61, completed in partnership with Rise48 Equity through the acquisition of a 154-unit Class B+ apartment community in Mesa, Arizona. The transaction strengthens their presence across the Sunbelt and underscores its commitment to growth in dynamic, high-demand markets.
Ideally positioned in a strong B+ submarket, the property benefits from Mesa’s robust population growth, diverse employment base, and steady rental demand. This acquisition provides a prime opportunity to enhance long-term value while delivering consistent cash flow from day one.
“We’re thrilled to expand into Mesa with a property that checks every box, location, quality, and growth potential,” said Adam Williams, Founder and CEO of Elevest Capital. “Partnering with Rise48 Equity brings an added level of operational expertise that aligns perfectly with our vision for creating both investor value and exceptional resident experiences.”
As owner and operator, Rise48 Equity will spearhead a targeted renovation program designed to upgrade interiors, modernize amenities, and streamline operations. These improvements are intended to elevate the resident lifestyle and optimize the property’s performance over the long term.
“This collaboration represents our focus on forging strong partnerships that benefit all investors,” said Dana Williams, COO of Elevest Capital. “Rise48 Equity’s proven ability to execute thoughtful renovations and enhance community spaces will be instrumental in unlocking the property’s full potential.”

CHEVY CHASE, MD – FCP has made its first investment in the Las Vegas, NV market with the acquisition of The Avondale Apartments. The 560-unit apartment community located at 9225 W. Charleston Boulevard lies within the Peccole Ranch master-planned community with immediate access to the nearby 20,000-acre Summerlin development.
“FCP is excited to expand its Western U.S. footprint and enter Las Vegas with the addition of such a high-quality asset in a top-tier location,” said Bart Hurlbut, Senior Vice President and head of Western US investments at FCP. “While the property has been institutionally owned and well-managed, we see a great opportunity to take advantage of the immediate proximity to employment and amenities while repositioning the community. In a challenging transaction environment, we continue to find ways to acquire communities in great locations in growing markets where we see continued long-term fundamental strength, and Avondale Apartments meets those criteria to a tee.”
FCP plans to implement value-adding capital improvement projects including upgrading common areas and a modern unit renovation plan that will position Avondale to thrive in one of the most desirable submarkets in Las Vegas.
The Avondale Apartments are conveniently located within the Peccole Ranch master-planned community, which features miles of walking trails, tennis courts, playgrounds, and an abundance of retail and convenience amenities. Within 2.5 miles is the 20,000-acre master-planned mixed-use development, Summerlin, with the largest concentration of dining, retail, entertainment, and hospitality amenities outside of the downtown Las Vegas Strip.
Avondale comprises one-, two-, and three-bedroom residences in three-story buildings. Each residence features hardwood floors, stainless steel appliances, patios or balconies, a fireplace, in-unit washers and dryers, garden soaking tubs, and a gas stove. Residents of Avondale can enjoy three resort-style swimming pools, a 4,000 square foot fitness facility, a racquetball court, spin room, two dog parks, and a dog washing station.
FCP extends its appreciation to CBRE’s Las Vegas Investment Sales team of Adam Schmitt, Spence Ballif, Jannie Mongkolsakulkit, and Justin Neubeck for their representation of the seller, and CBRE’s Mid-Atlantic Debt and Structured Finance team of Maxi Leachman, John Knies, and Sallie Ann Seiders in securing financing for the acquisition.

ATLANTA, GA – Greenwood Star Holdings, a vertically integrated real estate company specializing in the acquisition, management, and disposition of multifamily properties, announced the acquisition of two multifamily communities as part of its Regulation D, 506(c) offering: Greenwood Star Income and Growth Trust (GSREIT) a private, open-end real estate investment trust focused on acquiring high-quality, income-producing multifamily assets across the Southern United States.
The acquisitions include Parkside Apartments, a 281-unit property, along with Creekside Apartments, a 96-unit property, both located in the Atlanta suburb of Doraville, Georgia. Parkside was purchased for $31.5 million, a 23% discount to its comparable sale price, and Creekside was purchased for $15.5 million, a 35% discount to its comparable sale price. Both properties include the assumption of attractive long-term financing involving a 3.63% Fannie Mae loan maturing in August 2029.
“Doraville is an in-demand submarket of Atlanta that continues to demonstrate resilient fundamentals, creating a competitive rental housing environment,” said Lisa Li, chairman and CEO of Greenwood Star. “With our integrated property management capabilities, and the ability to assume the 3.63% Fannie Mae loans, we believe that Parkside and Creekside are well-positioned to deliver significant value to investors.”
Both properties may benefit from their desirable locations within the Doraville submarket, an area where favorable fundamentals are expected to continue supporting the market for the foreseeable future. The area has seen strong population growth in recent years along with a robust job market. Doraville has also experienced high occupancy rates driven in part by affordability: mortgage payments in the surrounding area are more than double the monthly rent payments at both properties, reinforcing demand for quality rental housing.

NEW YORK, NY – Liberty Mutual Investments, the investment firm for Liberty Mutual Group, and Landmark Properties, a fully-integrated real estate firm specializing in the development, construction, acquisition, investment management, and operation of high-quality residential communities, announced joint ventures for the acquisition and development of two new student housing projects, The Mark State College and The Mark Mansfield. The joint ventures will deliver 1,255 purpose-built off-campus student housing beds at Pennsylvania State University (Penn State) and The University of Connecticut (UConn).
These developments represent the first venture between LMI and Landmark, leveraging Landmark’s track record of more than 20 years, while continuing LMI’s focus on investing in premier student housing opportunities. LMI’s student housing portfolio includes approximately 17,000 beds and is focused on adding purpose-built housing near large public universities with robust student communities. TSB Capital Advisors arranged financing for both transactions.
The team will develop two sites – one on East College Avenue adjacent to the heart of the Penn State campus and the other on the corner of North Eagleville Road and Ledoyt Road, adjacent to the UConn campus core.
The Mark State College, a 12-story student housing project serving Penn State students, will add 515 beds upon completion. Planned amenities include a skydeck, rooftop pool and hot tub with campus views, jumbotron, modern fitness center and sauna, clubhouse/amenity area, grilling area and fire pits, sports simulator, study lounge with café and computer lab, structured parking deck, and bicycle/scooter parking. This is LMI’s third investment in student housing development within the Penn State market.
The Mark Mansfield, a 9-story student housing project serving UConn students, will add 740 beds in the supply-constrained Storrs, CT market. Planned amenities include a state-of-the-art fitness center and clubhouse, sauna, nearly pool-sized hot tub, study lounge, computer lab, gaming lounge, and bicycle parking.
“These properties represent exceptional opportunities to deliver premier off-campus student housing at thriving universities—communities that will attract students and provide long-term value for residents,” said Christopher Finn, Managing Director and Head of Real Estate at Liberty Mutual Investments. “We are excited to expand LMI’s student housing platform with Landmark, a leading developer of purpose-built, best-in-class student housing.”
“We’re excited about forging this relationship with LMI and look forward to working together on future initiatives,” said Walt Templin, President and Chief Investment Officer of Landmark Properties. “Our shared commitment to providing housing options in university communities will help students excel in their academic careers while also reducing the pressure on the local housing market.”
LMI invests more than $100 billion of long-term capital globally across its integrated platform on behalf of Liberty. The firm is focused on partnering with leading operators and investors to identify high-value opportunities, drive economic growth, and build enduring businesses side-by-side with its partners.

ATLANTA, GA – Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced that it will develop Autry at Tulip Grove, a luxury 300-unit community in the Atlanta suburb of Buford. Thompson Thrift expects to welcome the first residents in January 2027.
“Gwinnett County is one of the most dynamic growth markets in the Southeast, with a thriving population, strong economy and exceptional employment rates,” said Josh Purvis, managing partner for Thompson Thrift Residential. “Autry at Tulip Grove is designed to offer residents a seamless blend of style, comfort and connectivity, with amenities and finishes that create a place residents are proud to call home.”
Located at 1325 Laurel Crossing Pkwy NE, the 10-acre community will feature thoughtfully designed, four-story, elevator-serviced buildings offering spacious one-, two-, and three-bedroom apartment homes. In line with Thompson Thrift’s commitment to delivering high-quality homes with in-demand features and amenities, each residence will include premium interior finishes such as elegant quartz countertops, stainless-steel appliances, smooth glass-top ranges, timeless tile backsplash, designer fixtures and finishes and hardwood-style flooring. Residents will also enjoy large walk-in closets, walk-in showers, patio and balcony options, private yard options, detached garages, full-size washers and dryers, high-speed internet access, an Amazon package hub, and more.
Resort-style living will continue throughout the community and will feature two fully equipped fitness centers with 24-hour access, a heated swimming pool, electric vehicle charging stations, thoughtfully designed courtyards, an outdoor pavilion with a gas fireplace and seating, community grilling areas, outdoor game area, golf simulator, dog park, pet spa with grooming stations, billiards and shuffleboard, and a 24-hour social hub.
Situated adjacent to The Exchange, a 100-acre master planned development, future residents will have quick access to a wide variety of retail, entertainment and restaurant options, some of which include Sprouts Farmers Market, Pickle and Social, Andretti Indoor Karting & Games and TopGolf. Nearby access to Interstate 85 will offer convenient connectivity to downtown Lawrenceville, downtown Atlanta, Mall of Georgia and Sugarloaf Mills.
Autry at Tulip Grove is strategically positioned in one of Atlanta’s strongest suburban markets. In just a three-mile radius of the community, the population has grown 31.9% over the last 15 years, outpacing both Gwinnett County and the Atlanta MSA as a whole. Within Gwinnett County, 97% percent of the total workforce is currently employed, and the average household income is $114,000.
Major employers of the area include Publix Distribution & Manufacturing, Primerica, and Northside Hospital, which is underway on a 17-floor tower expansion that is slated for completion in 2026 and will generate an additional 5,000 jobs. Rowen, a 2,000-acre mixed-use development that could ultimately create 100,000 jobs once completed, is just 2.5 miles from the development.

AUBURN, AL – GTIS Partners LP, a global real estate investment firm that manages $4.7 billion in gross assets with a focus on residential and industrial investments, and RISE, a real estate development and management company specialized in student housing, announced the expansion of their joint venture to develop RISE Auburn, a premiere student housing community servicing the students of Auburn University.
With sustained enrollment growth at Auburn in recent years, the student housing market has tightened substantially due to a lack of new Class A developments with proximity to campus. GTIS and RISE were successfully able to assemble and entitle the 4.3-acre site which is situated approximately half a mile from campus. The project will feature 718 beds across 240 units in a highly amenitized building, offering students structured parking, a full-scale gym, a resort-style pool, a golf simulator, and study lounges.
“We are excited to expand our partnership with RISE and further strengthen our presence at SEC schools,” said Casey Chayet, Vice President of Acquisitions at GTIS. “Just as with our Ole Miss development with RISE (Ivy & Elm), RISE Auburn is an opportunity to deliver a best-in-class student housing community in a market we believe will see sustained enrollment growth for years to come. In the new era of Name, Image, and Likeness (NIL) in college athletics, GTIS and RISE will continue to pursue opportunities at universities that excel both academically and athletically.”
“Partnering with GTIS again allows us to follow through on our shared commitment to providing high-quality, modern housing where it’s needed most,” said Ryan Holmes, CEO of RISE. “With RISE Auburn, our goal is to create thoughtfully designed spaces and amenities that make life both easier and more fulfilling for Auburn students.”
The project is expected to deliver prior to the 2028-2029 academic year.