Gray Development

Gray Development is a division of Gray. Its mission is to develop leading edge multifamily rental apartment communities and residential-centric, mixed-use projects in targeted urban markets. To date, efforts have focused on Greater Phoenix and San Diego, with plans for future expansion to urban neighborhoods in other Western U.S. cities such as Portland, Seattle and San Francisco. Gray manages land acquisition, land planning and entitlements, project planning, architecture and engineering, and construction. Over its history, Gray has built 27 communities with a total of 7,686 apartments in the Greater Phoenix market.

Gray has grown rapidly over the past decade to become one of the largest apartment developers in Arizona. Recently, Gray was named Multi- Family Builder of the Year for 2010 by Ranking Arizona, its ninth first place award in the past 11 years. In 2008, Gray earned the National Apartment Association's Apartment Community of the Year for its innovative Grigio Tempe Town Lake community. In addition, AZRE (Arizona Real Estate Magazine) awarded Grigio Metro and Ninety Degrees, Gray's newest communities, two 2010 RED Awards for Best Multi-Family Projects in Arizona.

U.S. lifestyle and demographic trends have created a large and growing rental market opportunity, and Gray is well positioned to capture a large share, leveraging its first-mover advantage with projects that offer the leisure, comfort and convenience (in short, the lifestyles) that Americans now seek. Gray Development has four major projects in development, each one situated in the heart of a growing urban employment, residential and entertainment hub, and all scheduled to start construction no later than 2012. Once finished, they will serve the growing upscale markets of north Scottsdale, Downtown Scottsdale, central Phoenix (Biltmore neighborhood), and Downtown San Diego.