Gray Capital Acquires Indiana Asset

Echo Park. Image courtesy of Yardi Matrix

Gray Capital has acquired Echo Park, a 154-unit multifamily community in the city of Bloomington, Ind. The asset last traded in 2020, when a private individual acquired it from H.M. Mac Development & Construction, according to Yardi Matrix data.

Completed in 2017, the property incorporates studio, one-, two- and three-bedroom floorplans ranging from 669 to 1,362 square feet. Apartments feature in-unit washers and dryers, ceiling fans and private patios or balconies. Community amenities include a fitness center, swimming pool, business center, movie theater, dog park and free coffee bar, as well as 220 parking spaces.

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Located at 2780 S. Walnut St. Pike, the community is close to Interstate 69, placing it roughly 60 miles south of Indianapolis. The property is less than 3 miles from Bloomington city center, while also having some retail and dining options in its immediate vicinity.

President & CEO of Grey Capital Spencer Gray stated in prepared remarks that Bloomington is severely underhoused, especially in the Class A market-rate sector. Echo Park represents the fourth asset acquired through the firm’s Gray Fund, a $100 million multifamily investment vehicle aimed at Class A and B properties in the Midwest.