redIQ Deal Highlight: Gray Capital Acquires Echo Park Bloomington, IN

redIQ Deal Highlight: Gray Capital
 Acquires Echo Park Bloomington, IN

redIQ would like to congratulate the team at Gray Capital for finalizing the acquisition of Echo Park. The 154-unit apartment community is the most recent addition to Gray’s $2 billion in transactions since its inception in 2015. Echo Park follows three other recent Gray multifamily acquisitions. For financing, Gray assumed a low-interest loan from the seller.   

The limited housing supply in Monroe County presents an opportunity for Gray. Additionally, Bloomington is home to Indiana University, which has some 40,000 students. Economic projections for 2023 estimate that the Bloomington metropolitan area will have steady unemployment rates, higher inflation-adjusted wages, and lower (but positive) GDP growth rates. Like the rest of the country, slower growth is expected this year.    

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