Bluestone buyer bullish on Greenfield

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Lauth Communities' Multi-families Division closed a deal last month to purchase the Bluestone Apartments on Blue Road, marking the company's re-entry into the property acquisition market after 15 years. The Lauth Group is also developing the location of a new Gander Mountain off north State Street. (Jim Mayfield/Daily Reporter)

GREENFIELD — An Indianapolis-based development group has purchased the Bluestone Apartment complex on Greenfield’s east side as part of the company’s re-entry and expansion into the property acquisition market.

The 208-unit complex, located at 50 N. Blue Road in Greenfield, was purchased by Lauth Communities’ Multi-families Division, an affiliate of the Lauth Group, one of the largest commercial real estate developers in Indianapolis.

The company is currently spearheading the development and construction of the new Gander Mountain store in Greenfield.

Though the terms of the deal, which closed on Nov. 26, were not revealed, the purchase is a clear signal that Greenfield and Hancock County are beginning to pop up on developers’ radar as a prime investment opportunity.

“We’re very high on Greenfield,” said Lauth Group senior partner and chief investment officer Michael Garvey. “Greenfield is a very attractive market, a bedroom community that we think has been overlooked a bit.”

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