Gray Capital, a real estate private equity firm, has acquired Sycamore Terrace Apartments, a 250-unit multifamily apartment community located in Terre Haute, Ind.

Gray Capital looks to repaint the apartment community’s exteriors to drive curb appeal, install a controlled access and gate system at the property, provide cosmetic improvements for the clubhouse and improve on-site management of the property through Gray Capital’s property management company, Gray Residential. Sycamore Terrace is the third property within Gray Capital’s $100 million multifamily investment fund, the Gray Fund.

“Sycamore Terrace is already a best-in-class asset, and our improvements at the property will ensure that Sycamore Terrace continues to set the standard for luxury apartment living and meet the needs of a growing community,” says Spencer Gray, president and CEO of Gray Capital.

Cushman & Wakefield represented the seller in the transaction.