(INDIANAPOLIS, IN – February 25, 2026) 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., announced the first residents have moved into the Stella, a new mixed-income, transit-oriented development located at 1827 North Meridian Street in Indianapolis’s Near Northside neighborhood.
The six-story, 196,803 square foot building consists 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 residential units are restricted to be affordable for renters earning between 30% and 120% of Indianapolis’s Area Median Income (AMI), addressing a critical shortage of affordable and workforce housing in a high-demand market. The development transformed a formerly blighted 1.3-acre site, replacing three vacant industrial/office buildings. The opening of the Stella contributes to the revitalization of an underinvested commercial corridor previously dominated by industrial warehousing.
The $44 million project’s financing included a combined $13.2 million in majority equity investments by the AIC CEI-Boulos Opportunity Fund and its sister fund, the Woodforest CEI-Boulos Opportunity Fund. Both funds invest in high-impact, transit-oriented affordable housing projects in underinvested neighborhoods across the country.
Indianapolis-based TWG Development, LLC (TWG) developed the Stella. TWG has developed over $1.9 billion in real estate across 17 states, encompassing over 10,500 housing units. TWG specializes in mixed-use, market-rate, affordable, and senior housing developments. The Stella builds on the firm’s track record of impactful neighborhood-scale investments, including nearby projects in the Near Eastside neighborhood, such as the Rise on Meridian, Monon Lofts, and the Wesmont.
The Stella is the result of an innovative public-private partnership between TWG, the Indiana Neighborhood Partnership (INHP), and the City of Indianapolis. The majority of the land for the project was sold to TWG by Red Line Holdings, a subsidiary of INHP, which works to increase the supply of affordable housing in Indianapolis with a focus on land banking transit-oriented development sites along the route of the Red Line. INHP places deeded affordability restrictions on sites it controls along the bus line before selling to developers, advancing the objectives of the city’s Red Line Transit Oriented Development Strategic Plan, 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. The Red Line runs within a quarter mile of more than 50,000 residents and nearly 150,000 jobs and is less than a mile from the $4.29 billion Indiana University Health expansion, scheduled for completion in 2027.
The Stella aligns with other strategic revitalization, economic development, and transit-oriented goals of the city, including those outlined in the Indy Moves Transportation Integration Plan, the City of Indianapolis Neighborhood Investment Strategy, and the North Meridian Street Corridor Land Use Plan. The project will help revitalize the Near Northside neighborhood in a manner that promotes sustainable and equitable growth. The city supported the project through a Tax Increment Funding (TIF) agreement which rebates 80% of the project’s property taxes for twenty-five years. The agreement stipulated part of the project’s affordability requirements. TWG also agreed to create 275 construction jobs that paid living wages, allocate 1% of TIF proceeds to public art at the project, and make four newly created permanent jobs available to Marion County residents through Employ Indy, a workforce development organization that focuses on providing skills training, alleviating poverty, and increasing economic mobility. Additionally, TWG completed infrastructure and streetscape improvements, including the beautification of the Red Line bus stop adjacent to the project.
Of the 166 apartments, 32 are studios, 81 are one-bedroom units, and 53 are two-bedroom units. The affordability breakdown includes 8 units (5%) restricted to be affordable for renters earning 30% AMI or below for a period of 100 years. In addition, 50 units (30%) will be affordable at or below 80% AMI, 50 units (30%) at or below 100% AMI, and 58 units (35%) at or below 120% AMI, all for a period of 25 years.
“The Stella shows what’s possible when innovative public–private partnerships focus on outcomes that matter for people and communities. This development brings high‑quality housing to an essential transit corridor, expanding access to jobs and opportunities. We’re grateful to collaborate with CEI‑Boulos, TWG, and local partners to help deliver meaningful, lasting impact for Indianapolis families,” said Noelle St.Clair Lentz, CEO, Allivate Impact Capital.
“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. “By building high quality, mixed income housing directly on Indianapolis’s Red Line, the project expands access to jobs, services, and opportunity for residents.”
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 features extensive amenities including a pool, firepit lounge, grilling station, pet lounge, rooftop deck, coffee bar, 24/7 fitness center, indoor bicycle storage, and package delivery room. Each apartment includes modern kitchens with stainless steel appliances and in-unit washers and dryers.
The project team includes STUDIO Architecture as architect, Meyer Najem as general contractor, and Flaherty & Collins Properties as property manager.
About Allivate Impact Capital®
Allivate Impact Capital is an impact investing firm with the goal of delivering attractive risk-adjusted returns from investments while creating measurable positive social impact. Our team uses innovative capital solutions to elevate communities, alleviate poverty, and activate entrepreneurial ecosystems. The company manages capital across asset classes in responsive ways to meet the needs of communities lacking access to funds needed to bring underutilized assets to their full potential. As a subsidiary of Woodforest Financial Group, Allivate Impact Capital leverages a global award-winning, and industry leading Community Development Team to achieve their goals. Learn more at https://allivate.com. Follow us on LinkedIn @Allivate Impact Capital.
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.