Sale of new luxury apartments at Indiana University Health’s expanding downtown campus completed

CHICAGO, Jan. 29, 2025 – JLL Capital Markets announced today that it has secured the sale of Wesley Place, a 244-unit luxury apartment community just north of downtown Indianapolis, Indiana.

JLL represented the sellers, Arrow Street Development, Standard Real Estate Investments and Belay Investment Group.

Wesley Place, located at 75 W 18th St. just North of downtown Indianapolis, neighbors the $4.3B Indiana University Health Campus - the largest healthcare project under construction in the country.

Completed in 2023, Wesley Place offers a modern living experience with high-end interior finishes and a host of amenities, including a resort-style pool, state-of-the-art fitness center, outdoor kitchen and pet spa. The community also qualifies for an accretive tax abatement starting in 2025.

JLL Capital Market’s Investment and Sales and Debt Advisory team representing the seller was led by Director Amanda Friant, Senior Managing Director Ken Martin, Managing Director Mark Stern and Director Zach Kaufman.

"The sale of Wesley Place demonstrates the strong investor interest in high-quality Midwest multifamily assets especially those with clear Eds & Meds appeal," said Friant. "This property's first-mover location at the IU Health Campus and its impressive lease-up performance make it a one-of-a-kind, generational investment."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Arrow Street Development (“ASD”), is a certified, minority-owned real estate development company focused on urban, mixed-use development projects that involve public-private-partnerships. Rodney Byrnes, founder and president of Arrow Street Development, leads ASD’s placemaking efforts adjacent to the $4.3 billion IU Health Methodist Hospital expansion and along historic Indiana Avenue. ASD has executed over $250,000,000 in real estate projects.

Standard Real Estate Investments, LP ("Standard") is a minority-owned and controlled company that identifies and executes real estate investments on behalf of institutions, focusing primarily on industrial and workforce housing sectors. Operating nationally across various property sectors and risk profiles, Standard is founded on the principle that delivering a better world leads to better financial returns. The company's experienced investors leverage their expertise to create value for their institutional clients.

Belay Investment Group, LLC is an institutional investment management firm that specializes in granular small to middle market real estate opportunities through the establishment of programmatic partnerships with high-caliber local and specialized operating partners. The firm pursues equity and debt opportunities across the risk spectrum, property types and geographies, offering its clients scalability and customization. Visit www.belayinvestmentgroup.com for more information.