WASHINGTON, DC – April 1, 2025 – PRP announced its acquisition of Cosmopolitan on the Canal, a 218-unit Class A multifamily property located along the Central Canal in downtown Indianapolis, Indiana.
Cosmopolitan on the Canal is a well-designed institutionally maintained apartment community offering residents modern amenities, spacious layouts, and direct access to the city's most dynamic employment, education, and entertainment districts. Situated in the heart of Indianapolis' Canal Walk District, the property combines waterfront living with a highly walkable location.
Originally constructed in 2010, the community's interiors remain in their original condition and will undergo a comprehensive renovation to deliver an elevated living experience for both current and future residents.
“This acquisition reflects our continued strategy of investing in high-quality multifamily communities in growth-oriented U.S. markets,” said Jon McAvoy, Chief Investment Officer of PRP. “Indianapolis is experiencing continued strong economic momentum driven by billions of dollars of infrastructure, education, and medical investment. We are thankful for the professionalism of seller team enabling an efficient transaction and firmly believe Cosmopolitan will continue to excel within the PRP portfolio for years to come.”
The property sits between two of downtown Indianapolis’ most significant developments: the $4.3 billion Indiana University Health expansion—one of the largest hospital projects in the nation—and the bifurcation of IUPUI into Indiana University Indianapolis and Purdue University in Indianapolis, both of which are actively growing their campus footprints just blocks from the property.
Cosmopolitan on the Canal is PRP’s latest multifamily acquisition and exemplifies the firm’s approach of targeting the combination of core locations with strong demographic and economic fundamentals and properties in need of modernization and resident-focused enhancements. The property’s waterfront setting, amenity offerings, and proximity to market-leading employment centers make it a premier rental community in Indianapolis.
About PRP
PRP is a real estate investment management company with a focus on mission-critical corporate headquarters facilities leased to investment-grade companies, logistic facilities, high-street retail properties, multifamily apartment communities, data centers and office properties. PRP’s portfolio of corporate headquarters facilities include the headquarters for Honeywell, Broadcom, Cencora/AmerisourceBergen, Pioneer Natural Resources and FedEx Office, and logistic facilities for Amazon, Lowe’s, Techtronics and VW. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary, which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $6 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.
