Waterstone, Indianapolis, IN, 46214. Bedrooms: 1-2. Waterstone is a luxury apartment community with distinctive Cape Cod-style architecture. Residents choose Waterstone because of the best-in-class amenities such as one of the largest clubhouse facilities in the area, with swimming pool with poolside WiFi and lake views, state of the art fitness center and more. The apartment features, which you would expect to find in high-end homes, are second to none with built-in bookcases, wood-burning fireplace with cast stone mantel, spacious master bath with double sinks and oversize garden tub, and much more. Waterstone is priced well below other area luxury apartments, and is ideally located just 15 minutes from downtown Indianapolis.