INDIANAPOLIS, IN – Gray Capital announced the acquisition of Regency Club Apartments, a 444-unit class B apartment community located in Evansville, IN. The property was built in two stages in the 1980s with additional townhomes built in 2006.
Gray Capital’s strategy with the property involves an immediate rebrand as River Club Apartments, with over $3 Million in exterior improvements and interior renovations to enhance the property and create an exceptional, elevated living experience that will continue to attract residents. Additionally, River Club will be managed by Gray Capital’s property management company, Gray Residential, with an experienced team ready to execute Gray Capital’s strategy for the asset on day one.
“This property was the ‘lifestyle’ apartment community—the place to be for young professionals —when it was first built. While the property has maintained a good reputation, we are excited to not only continue the legacy but to bring River Club to the next level for residents.”
River Club is Gray Capital’s fourth apartment asset in the Evansville area. With two full-cycle multifamily investment projects completed in the Evansville area that have delivered exceptional returns for investors as well as one active investment, Gray Capital’s experience and confidence in the Evansville market is a powerful driver of River Club’s success.
Gray Capital’s acquisition of River Club comes after a year of lower activity in the multifamily market as a whole and for Gray Capital specifically, but interest rate stability, investor interest, and the growing emergence of attractive apartment properties in the investment sales market has Gray Capital far more optimistic this year.
“River Club is easily the most attractive multifamily acquisition opportunity the firm has seen in over 2 years. We are buying the property at an incredible basis discounted over 30% from the market peak. This market has not been an easy one to navigate, but I give full credit to the Gray team for avoiding many potential pitfalls and excelling in a challenging environment.”