Capstone's Property Acquisition and Redevelopment in Indiana
Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of The Tyler Indianapolis, an off-campus student housing community located within close proximity of the Indiana University – Purdue University Indianapolis (IUPUI) campus and downtown Indianapolis. This purchase aligns with the company’s goal to expand its National footprint and represents the first CREI project located within the state of Indiana.
Constructed in 2011, this mid-rise student focused community features 260 fully furnished units in 1-, 2-, 3- and 4-bedroom configuration. Floor plans range in size from a 492 SF 1-bedroom to a 1,551 SF 4-bedroom townhome. In addition to its highly desirable location, The Tyler offers residents access to several unique community amenities, such as a resort-style heated saltwater pool, clubhouse with fitness center and a rooftop grilling and lounge area. With these attributes in mind, in addition to a planned rebrand and property renovation, CREI views The Tyler as a strong addition to the growing CREI portfolio.
“The entire CREI team is excited to enter a new market, as we continue to build our diverse real estate portfolio. The city of Indianapolis is the most populous in the state and IUPUI stands out as one of the largest universities in the city with over 27,000 students. Due to these strong market dynamics, along with the adjacent construction of 16 Tech, a $500 million dollar innovation district, we have confidence that The Tyler is a community with exceptional growth opportunities.” -Christopher Mouron, Executive Vice President – Acquisitions & Development / Principal.
