WASHINGTON, D.C. – 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 the seller team in 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 properties that combine core locations with strong demographic and economic fundamentals, while also offering opportunities for 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.
