INDIANAPOLIS, IN – Real estate private equity firm Gray Capital has closed on their acquisition of Echo Park Apartments, a 154-unit luxury multifamily apartment community located in Bloomington, Indiana.
Gray Capital’s business plot includes a core-plus strategy to improve onsite management and significantly 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 nearby apartment property Forest Ridge.
“Gray Capital is actively looking to expand our footprint in the Bloomington market, and Echo Park is an brilliant addition to our existing portfolio and for The Gray Fund. Bloomington is significantly underhoused with major deficiencies in A-class market rate apartments, so Echo Park is positioned extremely well. Coupled with our low fixed-rate financing terms that we were able to assume, the asset is set up for long term success ” says Spencer Gray, President and CEO of Gray Capital.
Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, and it follows the acquisition of Terre Haute-area Sycamore Terrace, Club Meridian in Lansing, MI, and Indianapolis apartment property Stonybrook Commons in 2022.
Gray Capital’s acquisitions in the past year, Echo Park, Sycamore Terrace, Club Meridian, and Stonybrook Commons, total over $155 million and are part of Gray Capital’s $775+ million in assets under management and more than $2 billion in commercial real estate transactions to date since its founding in 2015.

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FAYETTEVILLE, AR – Premiering in 2024, The Aronson, a much-buzzed-about multifamily, entertainment and retail destination will throw open its doors to Fayetteville and Northwest Arkansas. Starring over two hundred of the regions’ most desirable rental homes, this unique mixed use development will also feature restaurants and the world’s greatest movie theater – the Alamo Drafthouse Cinema + Drive-In. Produced by Catchlight Entertainment, a strategic partnership of the ITEX Group and Time Warp Enterprises, The Aronson will be an entertainment community like no other.
“The Aronson will be a beacon of community and fun for all of Fayetteville and Northwest Arkansas,” said Chris Akbari, Catchlight partner and CEO of ITEX. “Residents will be able to delight in the convenience of mortgage-and-maintenance-free living in an upscale bike and pedestrian friendly community filled with parks, green spaces and a host of modern amenities.”
The Aronson’s 214 residences will feature a vibrant mix of single, duplex, and triplex homes alongside several garden-style apartment buildings. With conveniences like bike parking, home offices and dedicated garages, the amenity-rich property will also feature a clubhouse, fitness center, pool, playgrounds and dog parks – all just steps from restaurants and movies.
With The Aronson, Fayetteville residents can look forward to exploring a bike-and pedestrian-friendly neighborhood that encapsulates the local penchant for community, excitement, and fun. The Aronson is truly One Blockbuster of a Neighborhood.
The commercial side of The Aronson will be anchored by Arkansas’s first Alamo Drafthouse Cinema + Drive-In. This will not only be the first Alamo Drafthouse in Arkansas, it will also be the company’s first permanent drive-in theater. The Austin-based cinema-eatery will open in 2024 with 798 luxury recliner seats across 8 indoor theaters equipped with 4kdigital projection, including The Huge Show, Alamo Drafthouse’s Premium Large Format theater with Dolby Atmos sound and 70mm projection capabilities. The drive-in screen will feature parking for cars and bikes and a view from the beer garden.
Like all Alamo Drafthouse cinemas, the new Fayetteville location will offer a scratch-made food menu, local beers on draft, and craft cocktails brought to guests in their seats by stealthy servers trained to not disrupt the movie experience. Speaking of not disrupting the movie, the cinema chain’s famed No Talking/No Texting policy will be in effect at the location to ensure guests can watch films free from annoying distractions.
Guests are encouraged to arrive up to 30 minutes early to screenings for an ad-free preshow with amusing clips, informative video essays, and more. Drafthouse is in the name for a reason, and guests will be able to delight in a cold drink and chatting with other movie fans at the cinema’s standalone bar and beer garden. The bar will have dozens of beers on tap, craft cocktails, and will be set up to host small events, parties, and screenings and the outdoor beer garden will have a view of the drive-in screen.
The Aronson is named for cinema pioneer, and Arkansas native, Max Aronson (screen name Gilbert “Bronco Billy” Anderson). Considered the first film star, Aronson had three roles in the early cinema hit, “The Fantastic Train Robbery” before going on to found Essanay Studios in 1906, where he was both a producer and star. Aronson grew well-known starring in hundreds of silent films as Broncho Billy, the first iconic onscreen cowboy. By 1914 he was dubbed “The King of the Movies” and the following year he recruited rising star Charlie Chaplin to Essanay, where he produced the early classic, “The Tramp,” among other Chaplin productions. Aronson also produced the first Laurel & Hardy title. While Aronson left the film world in the late 1910’s, he was recognized for his role as a film industry pioneer with a 1958 Academy Award.

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FORT WORTH, TX – Avanta Residential broke ground on a premier build-to-rent community, Avendale at Chisholm Trail Ranch, in Fort Worth, Texas. This project marks Avanta’s second project in the Dallas Metroplex area and its third project in the state of Texas. Avanta hired Brownstone Construction, Ltd. to serve as the General Contractor on the project.
“We’re excited to expand our footprint in the Dallas Metroplex with this recent groundbreaking on Avendale at Chisholm Trail Ranch,” said Robert Kelly, Senior Vice President of Construction at Avanta. “Fort Worth is one of the five fastest growing cities in the U.S. and we are pleased to offer the City’s residents, a high-quality single-family home rental option.”
Avendale at Chisholm Trail Ranch will consist of 247 one-, two-, three- and four-bedroom patio and townhomes. Community amenities will include a resident amenity center which will feature a clubroom with a kitchen, fitness center, yoga lawn, outdoor living room, and a resort style pool. In addition, there will be resident courtyards, lounge areas, dog parks, walking trails, and playgrounds spread out across the community.
It is conveniently located south of downtown Fort Worth. The Shops at Chisholm Trail Ranch, located across Chisolm Trail Parkway, features several national retailers including Ross, Marshalls, Ancient Navy, Ulta, Five Below, Well-known Footwear, Tuesday Morning, Dollar Tree, Bath & Body Works, America’s Best, Aria Nail Bar, Pacific Dental, AT&T, Sprint, The Joint, Fantastic Clips and Sport Clips and many other retailers.
Avanta plans to deliver homes at Avendale at Chisholm Trail Ranch starting in Spring 2024.

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