Top Multifamily Transactions in Indianapolis
These deals accounted for more than half the metro’s total sales, Yardi Matrix data shows.
Indianapolis’ sales activity slowed year-to-date through August, with 23 properties trading for $480 million. That was down 17.2 percent from roughly $580 million during the same period last year, while the number of transactions fell from 27. The average price per unit decreased 3 percent to $136,841, remaining well below the $192,668 national average, per Yardi Matrix data.
The slowdown also kept Indianapolis well below the investment levels recorded earlier in the cycle. Annual sales volume surpassed $1 billion in both 2021 and 2023 and peaked at nearly $2.5 billion in 2022. The multifamily transaction activity was concentrated in a handful of submarkets. Indianapolis-Pike led with $83.3 million in sales, followed by Carmel ($79.6 million) and Zionsville ($61.6 million). Carmel, Fishers and Zionsville are some of the submarkets that benefit from strong demographic growth, helping sustain investor interest in newer, Lifestyle communities.
Here are the top five transactions that penciled through in Indianapolis year-to-date as of August. These deals totaled $292.9 million, more than double the market’s total sales.
1. The Signature Carmel
In the largest single-asset transaction in the metro in the first eight months of this year, Birge & Held acquired the 303-unit The Signature Carmel for $79.7 million. The buyer took out a $59.7 million permanent loan for this acquisition from Merchants Bancorp.
Great Lakes Capital sold the asset for about $262,860 per unit, well above the $192,668 national figure and almost double the metro’s average. Completed in 2024, the Carmel, Ind., community comprises one-, two- and three-bedroom floorplans ranging from 526 to 1,621 square feet.
The Lifestyle property also has a wide range of top multifamily amenities, including tropical cabanas, swimming pools, an outdoor fitness courtyard and EV charging stations.
2. The Reserve at William’s Glen
Birge & Held was the buyer for the second-largest, single-asset deal, as well. The company paid $61.6 million for The Reserve at William’s Glen, a 268-unit community in Zionsville, Ind. The firm used funds from an almost $40 million Fannie Mae loan originated in February by CBRE Capital Markets.
Buckingham Cos. sold the property for $229,781 per unit. The company developed the 18-building community back in 2001. Located at 2201 Williams Glen Blvd., The Reserve at William’s Glen is about 20 miles from downtown Indianapolis.
The community has renovated apartments with one- and two-bedroom floorplans varying in size between 690 and 1,119 square feet. Amenities include a business center, clubhouse, fitness center, swimming pool and multiple laundry facilities.
3. The Hamilton
Rounding out the top three transactions is The Connor Group’s purchase of The Hamilton, a 233-unit property in Fishers, Ind. The firm paid $60.1 million for the asset—about $258,008 per unit—and used fund from a $45.2 million loan for the acquisition. Texas Capital Bank provided the 3-year note.
The community’s average price per unit was about 34 percent above the national figure and considerably higher than Indianapolis’ threshold. J.C. Hart Co. previously owned the property. The company completed the community at 11289 Hamilton Crest Blvd. East back in 2015. The Hamilton is close to Lake Stonebridge, while downtown Indianapolis is within 23 miles.
The garden-style property consists of 35 two- and three-story buildings spread across almost 15 acres. Units have one-, two- and three-bedroom layouts ranging from 696 to 1,472 square feet. Amenities include a clubhouse, swimming pool with sun deck and fitness center.
4. Deercross Apartments
In the first quarter of this year, a joint venture between Chelsea Management and ICONIC Property Partners bought Deercross Apartments, a 372-unit community in Indianapolis, Ind. The duo paid $46.3 million for the asset, using funds from a $33.5 million CMBS note from U.S. Bank and originated by CBRE Capital Markets. The loan is set to mature in 2036. Freddie Mac also acts as special servicer.
Wilkinson Corp. previously owned the property. Completed in 1979, the 20-building community is at 7007 Deer Path Drive, close to Eagle Creek Airpark and about 10 miles from the city’s downtown area.
Deercross Apartments has one- and two-bedroom floorplans ranging between 656 and 974 square feet with private balconies or patios. Common-area amenities include a barbecue and picnic area, business center, playground, pool and multiple laundry facilities.
5. Greenfield Crossing
The fifth largest transaction in Indianapolis in the first eight months of 2026 is Summit Equity Investments’ acquisition of Greenfield Crossing, a 272-unit community in Greenfield, Ind. BAM Capital sold the asset for $45.4 million, about $166,912 per unit.
The buyer took out a $31.8 million Fannie Mae loan that is set to mature in March 2031. Walker & Dunlop originated the note with a 4.89 percent fixed interest rate.
Opened in 1998, the 17-building community sits on 23 acres at 2011 NE Bay Drive, close to a host of dining and retail options and about 23 miles from downtown Indianapolis. Greenfield Crossing has a fitness center, clubhouse, playground and a swimming pool.
