Source: Gray Capital
INDIANAPOLIS, IN - Real estate private equity firm Gray Capital has closed on their acquisition of Echo Park Apartments, a 154-unit luxury multifamily apartment community located in Bloomington, Indiana.
Gray Capital's business plan includes a core-plus strategy to improve onsite management and significantly reduce expenses through efficiencies with other Bloomington multifamily assets. Gray Capital's property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge.
"Gray Capital is actively looking to expand our footprint in the Bloomington market, and Echo Park is an excellent addition to our existing portfolio and for The Gray Fund. Bloomington is significantly underhoused with major deficiencies in A-class market rate apartments, so Echo Park is positioned extremely well. Coupled with our low fixed-rate financing terms that we were able to assume, the asset is set up for long term success " says Spencer Gray, President and CEO of Gray Capital.
Echo Park is the fourth property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and it follows the acquisition of Terre Haute-area Sycamore Terrace, Club Meridian in Lansing, MI, and Indianapolis apartment property Stonybrook Commons in 2022.
Gray Capital's acquisitions in the past year, Echo Park, Sycamore Terrace, Club Meridian, and Stonybrook Commons, total over $155 million and are part of Gray Capital's $775+ million in assets under management and more than $2 billion in commercial real estate transactions to date since its founding in 2015.