Developed by TWG Development with investment from the AIC CEI-Boulos Opportunity Fund, the project brings 166-units of mixed income housing along IndyGo’s Redline, advancing transit-oriented development and neighborhood revitalization.
(INDIANAPOLIS, IN – March 26, 2026) The Stella, a new mixed-income, transit-oriented development located at 1827 North Meridian Street in Indianapolis’s Near Northside neighborhood has been named “Multifamily Development of the Year” for the Indianapolis market as part of the 2026 CoStar Impact Awards.
Developed by Indianapolis-based TWG Development, the Stella is a six-story, 196,803 square foot building consisting of 166 affordable and workforce apartment units, as well as 1,605 square feet of ground floor retail space, located along the IndyGo Red Line, the nation’s largest all-electric bus rapid transit system. The AIC CEI-Boulos Opportunity Fund, a joint venture between CEI-Boulos Capital Management and Allivate Impact Capital®, a subsidiary of Woodforest Financial Group, Inc., is the majority equity investor in the project.
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2025 that have significantly influenced neighborhoods or submarkets across 129 major international markets in the United States, Canada, and the United Kingdom. The awards honored over 300 winners for their CRE transactions across five categories: Lease of the Year, Sale/Acquisition of the Year, Commercial Development of the Year, Multifamily Development of the Year and Redevelopment of the Year.
CoStar judge Lora Moore called The Stella “an obvious catalyst for urban vibrancy that demonstrates how public-private partnerships can solve modern housing challenges. By leveraging a 25-year TIF agreement, the project provides critical neighborhood enhancements, including affordability initiatives and local hiring commitments. [The Stella sets] a new milestone for how multifamily developments can integrate with — and elevate — the surrounding community.”
The Stella’s 166 residential units are restricted to be affordable for renters earning between 30% and 120% of Indianapolis’s Area Median Income (AMI) for a period of 25 years for all but the 30% units, whose affordability will be maintained for 100 years.
The Stella is the result of an innovative public-private partnership between TWG, the Indiana Neighborhood Partnership (INHP), and the City of Indianapolis, advancing the objectives of the city’s Red Line Transit Oriented Development Strategic Plan and promoting environmentally sustainable economic mobility for low- and moderate-income residents by connecting them to employment and education opportunities in downtown Indianapolis via public transit.
“We are pleased that the Stella has been named the CoStar Impact Award’s Multifamily Development of the Year for the Indianapolis market. The Stella reflects our ongoing commitment to developing high-quality, inclusive communities that combine affordability, accessibility, and long-term livability,” said Chase Smith the VP of MR Development at TWG. “Positioned along the Red Line, this project enhances connectivity for residents by linking them to employment, education, and essential services while supporting the continued revitalization and economic vitality of the Near Northside neighborhood.”
“The Stella represents the kind of catalytic investment that can reshape what’s possible for a community,” said Noelle St.Clair Lentz, CEO of Allivate Impact Capital. “When we combine affordable homes with access to efficient transit and economic opportunity, we’re not just building housing, we’re helping unlock mobility, dignity, and long‑term prosperity for residents. This is the future of impact investing: projects that honor the history of a neighborhood while expanding the horizon of opportunity for generations to come.”
“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested by supporting impactful developments like the Stella, which brings much needed affordable and workforce housing to the Near Northside neighborhood,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “We thank the CoStar Impact Awards for recognizing the positive community impact of the Stella, which provides high quality, mixed income housing directly on Indianapolis’s Red Line, expanding access to jobs, services, and opportunity for residents.”
The project team also included STUDIO Architecture as architect, Meyer Najem as general contractor, and Flaherty & Collins Properties as property manager.
More details about this development are available at https://www.ceimaine.org/aic_cei-boulos_the_stella/
To learn more about the CoStar Impact Awards and review the full list of winners, visit www.CoStarImpactAwards.com/.
About TWG Development
Founded in 2007 and headquartered in Indianapolis, TWG is a fully integrated real estate development company specializing in commercial, market rate, affordable and senior housing developments across the country. With a focus on development, financing, design, construction and management, TWG has transacted over $1.9 billion in development costs and over 10,000 units nationwide. Learn more at www.twgdev.com.
About CEI-Boulos Capital Management
CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). Learn more at www.ceiboulos.com.
About Allivate Impact Capital®
Allivate Impact Capital® is an impact investing firm with a mission of using innovative capital solutions to elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. As a subsidiary of Woodforest Financial Group, Allivate leverages a global award-winning Community Development Team to deliver attractive risk-adjusted returns from investments while delivering measurable positive social impact. Learn more at allivate.com and follow us on LinkedIn.
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. For more information, visit CoStarGroup.com.