Gray Capital buys 122-unit apartment building, first acquisition by $100 million multi-family fund
Gray Capital’s plans for the property include interior renovations with updated flooring and appliances as well as other upgrades and efficiency improvements. In addition, $500,000 was intended to improve Stonybrook’s exterior and increase curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and improving asphalt.
The business plan also includes revitalizing existing landscaping and taking advantage of a large green space on the property with the addition of a soccer field for residents.
CEO and President of Gray Capital Spencer Gray Remarks, “Indianapolis, Indiana is experiencing substantial job growth, particularly in the submarket where Stonybrook is located, and Stonybrook Commons will be ideally located to meet the growing demand for housing in the area. »
George Tikijian, Hannah Ottand Cameron Benz of Indianapolis Cushman & Wakefield were the selling brokers in the transaction.
Stonybrook Commons is Gray Capital’s first property $100 million Multi-family investment fund The Gray Fund and Gray Capital plan to build on this momentum with further acquisitions in the near future.
The purchase of Stonybrook Commons follows the acquisition of Suncrest Apartments in 2021 and adds to Gray Capital’s $500 million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.
DISCLAIMER: This is not an investment offer. Any investment offer will be made through a private placement memorandum.
SOURCE Gray Capital