/

|

CF Capital has acquired the 314-unit Island Club Apartments in Indianapolis. The seller, Covenant Capital Group, acquired the community in 2021 for $36.3 million, Yardi Matrix data shows.

Island Club, developed in 1990, offers a mix of one- and two-bedroom units along with two-bedroom townhouse homes. Units are an average of 782 square feet. The property is 96.2 percent occupied, according to the same data.

Island Club consists of 19 buildings on nearly 40 acres. It is located on the Eagle Creek Reservoir, a 25-acre lake in northwest Indianapolis. All of the units have views of the water, and kayaks can be launched from the property.