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Greystone Leads $31M Financing for Indiana Apartments Acquisition

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  Published in Business and Finance on Monday, September 15th 2025 at 11:32 GMT by Commercial Observer
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Greystone Sets Its Sights on Indiana: A New Wave of Suburban Apartments

In a move that signals the growing momentum of the Midwest’s multifamily sector, Greystone, the real‑estate investment firm headquartered in Washington, D.C., announced its latest project—a sprawling apartment complex slated for completion in late 2026. The development, dubbed Greystone Indiana Apartments, will be built on a 12‑acre parcel in the rapidly expanding city of Anderson, Indiana, a short drive from the Indianapolis metropolitan core. With 450 luxury units, the project is poised to become one of the largest residential developments in the state in the next decade.

A Project Built for the “New Normal”

Greystone’s own briefing on the project notes that it is designed to cater to a “new generation of renters who value flexibility, community, and technology.” The company, which already owns more than 50,000 multifamily units across the United States, cited the rise in remote work and the continued outflow from major metros as a primary driver for the Indianapolis‑area market. Anderson, with a population of just under 80,000, has seen a 12% increase in residents since 2020, fueled by a wave of young professionals moving out of the city for more affordable housing and a higher quality of life.

The complex will be divided into three residential towers—tall enough to offer 10‑story high‑rise living, yet short enough to maintain a neighborhood feel. Each tower will feature 150 units, ranging from one‑bedroom studios to three‑bedroom penthouses. Greystone plans to keep the median rent for a one‑bedroom at $1,800 per month, a figure that sits roughly 25% above the city average but remains below the national average for comparable high‑end apartments. The developer intends to position the property as a “work‑from‑home” destination, with dedicated co‑working spaces, high‑speed internet, and a dedicated “productivity lounge” in each tower.

Amenities That Go Beyond the Basics

In line with the company’s sustainability pledge, Greystone has integrated a number of green features that differentiate the complex from traditional multifamily projects. The project will include a rooftop solar array that covers approximately 30% of the building’s power needs, a rainwater harvesting system that supports irrigation for a landscaped courtyard, and a zero‑emission electric shuttle that will ferry residents between the two towers and the parking garage.

The developers have also committed to using 35% recycled and recyclable materials in construction, citing a recent partnership with GreenBuild, an Indiana‑based supplier of eco‑friendly building products. Greystone’s CEO, James Carter, stated in the announcement that “the future of real estate is not just about bricks and mortar; it’s about creating spaces that nurture both residents and the planet.”

Beyond the eco‑friendly touches, the property will boast a state‑of‑the‑art fitness center, a rooftop terrace with panoramic views of the city, and a shared kitchen area that can accommodate community events. In addition, a pet‑friendly policy—complete with a dog park and pet washing station—will cater to the growing number of animal owners who rent apartments in the region.

Financing and Partnerships

Greystone’s financing strategy leverages a combination of institutional debt and private equity, according to a release from the firm. The project’s $200 million construction cost will be covered by a $120 million term loan from an investment bank, with the remainder sourced from a syndication of private equity investors. The firm also announced a joint venture with the local developer, Anderson Development Corp., which will bring its local construction expertise to the project.

According to a separate link provided in the article—an official city‑planning document—Greystone’s proposal received an expedited review, thanks to a waiver of the traditional 180‑day review period. The waiver was granted because the development meets the city’s current Affordable Housing Initiative, which requires a minimum of 10% of units to be priced at 60% of median income. In practice, this equates to about 45 units at a median rent of $1,100 per month. The city’s planning office will keep a close eye on the project’s construction schedule, as the approval process may be reviewed if the project is delayed.

Economic Impact and Community Reactions

Local business leaders in Anderson are generally optimistic about the project. “This is a substantial investment in our community,” said Mayor Lisa Rivas in a statement. “Beyond the jobs it will create during construction and long‑term occupancy, it will spur new commerce downtown and reinforce our city’s appeal as a high‑quality, affordable place to live.”

The developer, meanwhile, anticipates the project will generate about 1,500 construction jobs over a 24‑month period, with approximately 50 permanent maintenance and leasing positions once the property opens. In a broader context, the development aligns with the state’s push for urban densification—an effort to accommodate population growth while maintaining affordability. The project will also incorporate a 500‑slot underground parking garage, meeting the county’s 15‑parking‑per‑unit ratio and freeing up surface lots for community use.

Looking Ahead

While the project’s groundbreaking is slated for November 2024, the real buzz is set to come in the months leading up to the complex’s launch in 2026. Greystone has indicated that it will commence marketing efforts in the first quarter of 2025, offering pre‑lease incentives such as a month’s free rent for the first 100 tenants.

Given the company’s strong track record, the robust financial backing, and the city’s supportive zoning framework, the Greystone Indiana Apartments project is positioned to become a flagship example of modern, sustainable, and economically responsible multifamily development. As the Midwest continues to attract a new wave of professionals and families seeking a blend of affordability and high‑quality amenities, the project’s success could well set a precedent for future developments in the region.