Gray Capital, a prominent real estate investment firm, is excited to announce its recent acquisition of Regency Club Apartments, a 444-unit class B apartment community located in Evansville, Indiana. The property, which originally came to life in the 1980s with additional units added in 2006, is set for a significant transformation under its new ownership. Gray Capital has unveiled plans to rebrand the property as River Club Apartments, with an investment of over $3 million earmarked for exterior improvements and interior renovations.

The strategic enhancements are designed to create an exceptional and elevated living experience, aimed at continuing to attract and retain residents, particularly young professionals. “This property was the ‘lifestyle’ apartment community—the place to be for young professionals—when it was first built. While the property has maintained a good reputation, we are excited not only to continue the legacy but to bring River Club to the next level for residents,” stated a representative from Gray Capital.

River Club Apartments will be managed by Gray Capital’s property management arm, Gray Residential. The experienced team is poised to execute the new strategy from day one, ensuring a seamless transition and implementation of the new enhancements.

This acquisition represents the fourth multifamily asset for Gray Capital in the Evansville area, following two full-cycle investment projects that delivered exceptional returns. These successes underscore the firm’s deep confidence in the local market’s potential. Despite a recent slowdown in the multifamily market, Gray Capital views the acquisition of River Club as a standout investment opportunity, bought at a substantial discount of over 30% from the market peak.

“River Club is easily the most attractive multifamily acquisition opportunity the firm has seen in over 2 years,” a Gray Capital executive expressed. “This market has not been an easy one to navigate, but I give full credit to the Gray team for avoiding many potential pitfalls and excelling in a challenging environment.”

The transaction was facilitated by Dane Wilson and Steve LeMotte from Walker and Dunlop, with financing assistance from Richard Kourbage and Garvin Lee of Greystone. With $800 million in assets under management and over $2 billion in transactions since its inception in 2015, Gray Capital continues to demonstrate its robust capabilities and strategic acumen in the real estate investment landscape.

  apartment community renovation, Evansville real estate, Gray Capital, Multifamily Investment, River Club Apartments