Gray Capital Expands Indianapolis Footprint with Flats at Stones Crossing Acquisition
Gray Capital, the multifamily investment firm based in Indianapolis, has made headlines with its latest acquisition – the Flats at Stones Crossing, a 292-unit Class A apartment community in Greenwood, Indiana. This acquisition demonstrates the firm’s continued confidence in the Indianapolis market and marks a significant milestone in their expansion strategy.
Solidifying their presence in the region, Flats at Stones Crossing becomes the twelfth Indianapolis-area property in Gray Capital’s growing portfolio. The firm’s established track record within its home market contributes prominently to its sustained growth and solid performance. “Indianapolis and its surrounding submarkets are a core focus for Gray Capital. We believe deeply in the long-term fundamentals here in Indy, especially in suburbs like Greenwood,” said Spencer Gray, President & CEO of Gray Capital. “We are excited to further refine and elevate this community to deliver an exceptional living experience to residents in Greenwood.”
The firm’s pursuit of The Flats at Stones Crossing aligns with their selective investment thesis, which is centered on sourcing quality newly developed multifamily assets at value within robust Midwest markets. Gray Capital’s acquisition strategy underscores their belief in the enduring dynamics of the multifamily housing sector and stands as a testament to the anticipated longitudinal growth of the Midwest.
Gray Capital’s plan for the recently acquired community goes beyond typical enhancements. The introduction of new outdoor community spaces, including “grill-and-chill” patio areas, aims to exceed conventional apartment living by offering a genuine backyard-like experience. This approach to improving existing amenities aligns with the company’s long-term investment philosophy. “We’re always looking for ways to add more tangible value to our communities in ways our residents actually benefit – more than just aesthetics,” added Gray. “We are long term owners, and we’re committed to the Flats at Stones Crossing and Greenwood community for the long term,” said Spencer Gray.
With this acquisition, Gray Capital’s assets under management have eclipsed the $1 billion mark, with the firm having managed over $2.5 billion in transactions since its inception in 2015. The firm’s strategic initiatives and asset growth signify a robust trajectory in the multifamily space, reflecting both a deep understanding of market dynamics and a commitment to enhancing community living.