BLOOMINGTON, IND. — Gray Capital has acquired Echo Park Apartments in Bloomington for an undisclosed price. The company says its business plan includes improving onsite management and reducing expenses. Amenities at the property include a bark park, resort-style pool, trash pickup and in-unit washers and dryers.
Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge. Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund. Previous acquisitions include Sycamore Terrace in Terre Haute, Ind.; Club Meridian in Lansing, Mich.; and Stonybrook Commons in Indianapolis. Gray Capital maintains roughly $775 million in assets under management.