Gray Capital, a real estate private equity firm, has bought Echo Park Apartments, a 154-unit multifamily apartment community located in Bloomington, Ind.

Gray Capital’s business plan includes a strategy to improve onsite management and reduce expenses through efficiencies with other Bloomington multifamily assets. Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as the nearby apartment property Forest Ridge.

“Bloomington is significantly underhoused with major deficiencies in A-class market-rate apartments, so Echo Park is positioned extremely well,” states Spencer Gray, president and CEO of Gray Capital. “Coupled with our low fixed-rate financing terms that we were able to assume, the asset is set up for long-term success “