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Barossa Paradise Ridge
17950 North 68th Street
Phoenix, AZ 85054
Closed Map it! -
Biltmore Club Apartments
4640 N 24th Street
Phoenix, AZ 85016
Closed Map it! -
Grigio Metro
1811 East Apache Blvd
Tempe, AZ 85281
Closed Map it! -
Land Biltmore Area Phoenix
4640 N 24th Street
Phoenix, AZ 85016
Closed Map it! -
Land Downtown San Diego
8th and 9th and A and B
San Diego, CA 95101
Closed Map it! -
Land North Scottsdale
18000 North 68th Street
Phoenix, AZ 85054
Closed Map it! -
Land Old Town Scottsdale
Scottsdale Rd
Scottsdale, AZ 85054
Open Map it! -
Ninety Degrees Paradise Ridge
18440 North 68th Street
Phoenix, AZ 85054
Closed Map it! -
Pavilions on Central
1 West Campbell Avenue
Phoenix, AZ 85013
Closed Map it!
Gray Services
Gray Services is a division of Gray. Its mission is to manage the Gray portfolio of assets with the goal to achieve superior financial results for its investors. Gray Services manages all investor and banking relationships, raises equity and debt financing for new projects, and manages the lifecycle and disposition of assets. Over its history, Gray has provided investors the opportunity to garner record-setting rents and asset valuations with average gross profit margins of 58+%. The company has delivered to its investors a remarkable weighted average IRR of 61% over its first 18 years, on sales of 5,000 apartments valued at $600 million.
Gray Services has under management over $80M in equity and $400M in debt. It's capital structures vary by entity and include equity, preferred equity, senior debt and mezzanine debt. Of late, Gray Services has been focused on recapitalizing its portfolio with the objective to bridge beyond today's challenging economic times, which are expected to continue into 2011. In addition, as the market cycles, Gray Services is focused on the future, raising new equity and debt to finance four new projects already in development for Gray-owned land.
Historically, the real estate market has provided ROI's that are among the highest of any industry; and while there are many current challenges, real estate remains a superior investment opportunity for the future. The apartment market, in particular, will offer outstanding returns due to strong demand drivers (e.g., strong Gen Y and senior population growth, decreasing household size, lifestyle preferences) combined with extremely limited new supply (e.g., through October 2009 U.S. multifamily permits registered a 61% year-over-year decline). Most importantly, this market opportunity will attract equity and debt to projects. Supported by the strengthening of market fundamentals and Gray's history of success, we are pleased by the continued interest of current investors and by the high-interest of new investors in the growth of the Gray Services portfolio.
