Value-Add

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Oakdale Square

Oakdale Square is a class B apartment community located in Bloomington, IN – home to Indiana University. When acquired, the property was considered a class C asset, with most interior finishes being the original from 1972. After a modest but transforming renovation of the interiors—including refinishing cabinets, new hard flooring, adding washer and dryer hookups, and updating the clubhouse—our management team was able to increase rents by over $150/m while at the same time reducing expenses. This targeted value-add program gave a lift to NOI that, in combination with slight cap rate compression in the market, led to a 78% increase in asset valuation.

Oakdale Square was refinanced and returned 130% back to investors as the property continues to cash flow at an infinite rate of return, and above 10% based on the original capital amount invested.

Oakdale Square continues to be held in the Gray Capital portfolio.

Oakdale Square Property

INFORMATION

Strategy

Value Add

Year Built

2022

Hold Period

4+ years

Market

Bloomington, IN

Number of Units

200

IRR

60+%

Cash on Cash

9.8%

Purchase Price

$10,100,000.00

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Oakdale Square

A class B apartment community located in Bloomington, IN.

INVEST WITH US

Gray capital invests alongside our partners, joining sophisticated family offices and individual investors looking to take advantage of the unique benefits of multifamily real estate.