Gray Capital Acquires 250-Unit Apartment Property Sycamore Terrace, the Third Asset in $100M Multifamily Fund
INDIANAPOLIS, Dec. 7, 2022 /PRNewswire/ — Real estate private equity firm Gray Capital has closed on their acquisition of Sycamore Terrace Apartments, a 250-unit luxury multifamily apartment community located in Terre Haute, IN.
Gray Capital’s strategy for this project includes repainting exteriors to enhance curb appeal, installation of a controlled access and gate system at the property, cosmetic improvements for the club house, and improved on-site management of the property through Gray Capital’s property management company, Gray Residential.
“Sycamore Terrace is already a best-in-class asset, and our improvements at the property will ensure that Sycamore Terrace continues to set the standard for luxury apartment living and meet the needs of a growing community” says Spencer Gray, President and CEO of Gray Capital.
George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield represented the seller in the transaction, with Gray Capital representing itself.
Sycamore Terrace is the third property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, (http://gray.fund) and follows the acquisition of Club Meridian in Lansing, MI
Gray Capital’s acquisitions in 2022—Sycamore Terrace, Club Meridian, and Stonybrook Commons—total over $127 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.
For more information about investing with Gray Capital, interested accredited investors can visit www.GrayCapitalLLC.com, or they can email a member of Gray Capital’s investment team at Blake@GrayCapitalLLC.com .
DISCLAIMER: This is not an offer to invest. Any investment offer will be made through a private placement memorandum.
SOURCE Gray Capital
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