Real estate PE firm Gray Capital buys Indiana multifamily apartment property Echo Park

• Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund
• This deal follows the acquisition of Terre Haute-area Sycamore Terrace, Club Meridian in Lansing, Michigan, and Indianapolis apartment property Stonybrook Commons in 2022
• Currently, Gray Capital has $775 million plus in assets under management

Gray Capital, a real estate private equity firm, has acquired Bloomington, Indiana-based Echo Park Apartments, a luxury multifamily apartment community. No financial terms were disclosed.

Gray Residential is now managing Echo Park.

“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,” said Spencer Gray, president and CEO of Gray Capital, in a statement. “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.”

Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund. This deal follows the acquisition of Terre Haute-area Sycamore Terrace, Club Meridian in Lansing, Michigan, and Indianapolis apartment property Stonybrook Commons in 2022.

Currently, Gray Capital has $775 million plus in assets under management.