Value-Add
Oakdale Square
Oakdale Square is a class B apartment community located in Bloomington, IN – home to Indiana University. When acquired, the property was considered a class C asset, with most interior finishes being the original from 1972. After a modest but transforming renovation of the interiors—including refinishing cabinets, new hard flooring, adding washer and dryer hookups, and updating the clubhouse—our management team was able to increase rents by over $150/m while at the same time reducing expenses. This targeted value-add program gave a lift to NOI that, in combination with slight cap rate compression in the market, led to a 78% increase in asset valuation.
Oakdale Square was refinanced and returned 130% back to investors as the property continues to cash flow at an infinite rate of return, and above 10% based on the original capital amount invested.
Oakdale Square continues to be held in the Gray Capital portfolio.
INFORMATION
Strategy
Value Add
Year Built
2022
Hold Period
4+ years
Market
Bloomington, IN
Number of Units
200
IRR
60+%
Cash on Cash
9.8%
Purchase Price
$10,100,000.00
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Autumn Trails
Autumn Trails is a 165-unit community built in 1987. Autumn Trails is a full-cycle investment with a August 2020 entry date and an exit date of September 2024.
Value-Add
Suncrest
The investment thesis for Suncrest involves taking advantage of the expanding e-commerce and logistics industry on the west side of Indianapolis.
Core Plus
Villas on Fir
A great example of Gray Capital’s ability to find opportunities for cash flow and to exploit market inefficiencies with Core Plus Assets.
Value-Add
Oakdale Square
A class B apartment community located in Bloomington, IN.
INVEST WITH US
Gray capital invests alongside our partners, joining sophisticated family offices and individual investors looking to take advantage of the unique benefits of multifamily real estate.
