INDIANAPOLIS, IN – Multifamily investment firm Gray Capital has closed on Stonybrook Commons, a 122-unit apartment community located on Indianapolis’s East side, built in 1991.
Gray Capital’s plans for the property include interior renovations with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500k has been aimed at improving the exterior of Stonybrook and increasing curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and asphalt improvements.
The business plot also includes revitalizing existing outdoor amenities and taking advantage of a large green space on the property with the addition of a soccer field for residents.
Gray Capital CEO and President Spencer Gray notes, “Indianapolis, IN is seeing a substantial amount of job growth, particularly in the sub-market where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area.”
George Tikijian Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield were the selling brokers in the transaction.
Stonybrook Commons is the first property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund, and Gray Capital plans to continue this momentum with additional acquisitions in the near future.
The buy of Stonybrook Commons follows the 2021 acquisition of Suncrest Apartments and adds to Gray Capital’s $500+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.

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ATLANTA, GA – ECI Group and joint venture partner Phoenix Capital announced the start of construction of the $101 million luxury apartment and townhome development, Averly East Village, in Roswell, GA. The apartment development is designed by Rule Joy Trammell Rubio Architects with Truist providing construction financing. Averly East Village is expected to be completed in late 2024.
“The development of Averly East Village comes at a particularly opportune time, with North Atlanta experiencing explosive growth in jobs and residents. We are excited to play our part in helping to address the shortage of new housing by building luxury residential units on what was a mostly vacant strip center in the middle of the affluent Roswell area,” said Jimmy Baugnon, Chief Investment Officer at ECI Group.
“Phoenix Capital is delighted to continue its long history of successful multifamily investments in the Atlanta MSA, said Phoenix Capital Partner and Senior Managing Director, Andrew Scott. “Opportunities in Roswell are rare, making this project an especially exciting addition to our Fund X portfolio.”
“The redevelopment plot for the East Village Shopping Center was heavily influenced by input from neighbors and other local stakeholders,” said Joe Miller, Development Manager at ECI Group. “The inclusion of live-work units in the multifamily development will help to integrate the residential component with the adjacent retail uses, and the community green and amenity pavilion to be constructed will be available for public use, making the project a focal point for the East Roswell community. We appreciate the cooperation and help of The Ardent Companies, which owns the retail component of the center, and of the residents of The Towns at East Village in making this redevelopment possible.”
The first stages of the project include demolition of the existing vacant commercial buildings, which has already commenced, and construction of the project infrastructure.
Averly East Village will include 335 one-, two-, and three-bedroom apartments as part of the larger East Village mixed use development that will ultimately include 74 townhomes, 75,000 SF of retail, and a large public central green with pavilion. The project will present resort quality landscaping, architecture, and interior finishes.

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ATLANTA, GA – CARROLL, in partnership with PGIM Real Estate, the $209.3 billion real estate investment and financing business of Prudential Financial, announced the sale of 12 multifamily communities representing 3,564 total units across Florida, North Carolina, and Tennessee for a sale price of $885.5 million. The 12 communities were part of a 2017 acquisition of a 28-community portfolio bought as the first joint venture transaction between PGIM Real Estate’s U.S. core-plus equity strategy and CARROLL.
Included in the sale were: three Wilmington, N.C., communities (Cape Harbor by ARIUM, Clear Run by ARIUM, Mill Creek by ARIUM); three Charlotte communities (Mallard Creek by ARIUM, Northlake by ARIUM, Harris Pond by ARIUM); two Tennessee communities (Williamsburg by ARIUM, Hendersonville, Tenn., and The Club by ARIUM, Antioch, Tenn.); and four Florida communities (Heron Lake by ARIUM and The Vinyards by ARIUM in Kissimmee, Fla.; Lake Pointe by ARIUM in Melbourne, Fla.; Bay Cove by ARIUM in Clearwater, Fla.).
Bought in 2017 as part of a 28-community workforce housing portfolio – the largest single transaction in the Firm’s history to date – these assets represented an opportunity for CARROLL and PGIM Real Estate to provide housing access to an underserved segment of the multifamily market. Strategically located within major growth MSAs, these communities were well-positioned to deliver housing opportunities in increasingly congested and expensive markets. At the time of sale, each of the communities were operating with strong occupancy and healthy growth metrics, paralleling CARROLL’s overall portfolio performance.
During its four-year hold, CARROLL and PGIM Real Estate undertook numerous sustainability initiatives to add overall value to the asset. These initiatives included investments in LED lighting to reduce energy consumption by up to 75%; and an investment in water saving devices (aerators, low-flow toilets, and eco-friendly irrigation systems) that equates to savings of more than 50 million gallons each year; and trash diversion and recycling efforts diverting tons of trash from landfills. The savings delivered by these measures was passed along to residents and has been inspiration for additional ESG-related initiatives throughout the portfolio.
The operating philosophy for the assets took advantage of the strong in-place cash flow and implemented light value-add improvements, including the addition of plank flooring on ground floor units and the installation of washers/dryers in all units with connections in addition to performing deferred maintenance programs to further preserve the life of the assets.
Across Portfolio metros, Class B apartments are outperforming all other classes. Many newly constructed and higher-rent alternatives are reaching affordability limits. Moderate-income renters provide a stable revenue base, as they are less likely to go and buy single-family homes, while having the ability to afford market rent growth. High barriers to entry exist for Class B in suburban locations due to zoning restrictions, land availability, and unattractive economics for new development (i.e. rents do not justify construction costs). At the same time, many of the new jobs being added to the Portfolio’s local economies produce moderate income. In the Portfolio’s metros, the employment growth rate has been 3.75x higher on average than the inventory growth rate for Class B properties.
“Closing out this portfolio is a major milestone for CARROLL and our investors,” said M. Patrick Carroll, Founder and CEO of CARROLL. “These properties were directly aligned with our investment strategy as part of our workforce housing platform that included an early focus on the Sun Belt region and were integral assets in the diversity of our portfolio. We were proud to partner with PGIM to deliver quality housing while maintaining our goal of improving resident life to all of these markets throughout our hold.”
“We are pleased with the value that CARROLL and PGIM Real Estate were able to add to the portfolio to improve the quality of living for the residents, while delivering an brilliant outcome for our investors,” said Darin Bright, senior portfolio manager for PGIM Real Estate’s U.S. core plus strategy. “We will continue to pursue investment opportunities in the Sunbelt market where there is a clear demand for affordable housing.”

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