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 buy 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 tale, and the long-term strength of multifamily housing.
Gray Capital’s plot 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 right “backyard” experience uncommon among apartment communities.
“We’re always looking for ways to add more tangible value to our communities in ways our residents really 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.

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CHARLOTTE, NC – Sherman Residential bought 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-tale 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 fantastic 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.

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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 bought in a significant transaction The acquisition of this generational asset highlights the high barrier to entry in the coveted Ancient 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 buy 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 plotted 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.

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