Gray Capital purchases 122-unit apartment property, first acquisition of $100m multifamily fund

Gray Capital has closed on Stonybrook Commons, a 122-unit apartment community on Indianapolis' East side, built in 1991.

Gray Capital's plans for the property include interior renovations, with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500,000 has been aimed at improving the exterior of Stonybrook and increasing curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and asphalt improvements.

The business plan also includes revitalizing existing outdoor amenities and taking advantage of a large green space on the property with the addition of a soccer field for residents.

“Indianapolis, Ind., is seeing a substantial amount of job growth, particularly in the sub-market where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area,” said Spencer Gray, Gray Capit