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Chicago & Midwest  + Midwest  + Apartments  | 
Stonybrook Commons is the first acquisition by Gray Capital's recently launched Midwest multifamily fund

Gray Capital Makes First Acquisition of Midwest Multifamily Fund 

Gray Capital has closed on Stonybrook Commons, a 122-unit, circa-1991 apartment community on Indianapolis’ East side, for an undisclosed sum. It’s the first acquisition within Gray Capital’s recently launched $100-million multifamily investment fund, The Gray Fund, which will focus on investments within growing, stable markets in the Midwest, including Gray Capital’s hometown of Indianapolis. 

Plans for the property include interior renovations with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500,000 has been aimed at improving the exterior of Stonybrook and increasing curb appeal. 

Gray Capital CEO and president Spencer Gray said, “Indianapolis is seeing a substantial amount of job growth, particularly in the submarket where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area.” 

Cushman & Wakefield’s George Tikijian, Hannah Ott and Cameron Benz were the selling brokers. 


Inside The Story

Gray Capital

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition