Villas on Fir
Villas on Fir is a 290-unit, class-A apartment property built in 2018 and located in the growing and affluent suburb of Granger, IN (South Bend/Mishawaka MSA).

Property Key Features
Market:
Granger, IN
Number of Units
290
Date Acquired:
12/21/2020
Villas on Fir is a class A trophy real estate asset located in the growing and affluent suburb of Granger, IN (South Bend/Mishawaka MSA), minutes away from the prestigious campus of the University of Notre Dame.
The Villas on Fir offers the best choice in the market for luxury rental living with superior amenities, unit finishes, attached private garages for each unit and superb construction quality. With all the advantages the Villas has over the competition, rents were still below many of the comparable properties in the area upon acquisition.
Echo Park
Echo Park is a 154-unit, class-A apartment property built in 2016 and located in Bloomington, Indiana, home to Indiana University.
Forest Ridge
Forest Ridge Apartments is a Class B+ apartment community located in Bloomington, Indiana and built in three phases between 2005 and 2008.
Walnut Manor
Full-Cycle Project
Net IRR: 23%
Equity Multiple: 1.70x
Pebble Brook
Pebble Brook Village is a 236-unit apartment property built in 2000 and located in Noblesville, IN.
Fountain Parc
Full-Cycle Project
Net IRR: 31%
Equity Multiple: 2.39x
Park 88
Built in 2017, Park 88 is a
160-unit core-plus acquisition
in growing suburban Des Moines.
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.