Gray Property Group continued to achieve steady growth in 2022’s third quarter.
On the investment front, Gray Property Group deployed significant capital into the renovations of several buildings. We vacated 68 Kenney Street and 185 Calef Road, both of which we purchased in May 2022, and project managed a major renovation of all their units, as well as the common areas and building exteriors. We completed 68 Kenney Street’s 6 units in September and rented its 2-bedroom units for $1,700 to $1,800 per month. We also made steady progress on 185 Calef Road’s 4 units, which are on track to be completed in November. Finally, Nick Gray began the renovation of the two units at his very first investment property, 10-12 Auburn Street in Exeter, with the aim to add luxury finishes that match the tastes of tenants in Downtown Exeter.
For brokerage, Gray Property Group closed 5 deals consisting of an 8-unit multifamily property, two single family homes, and two condos. These deals were good for $2.5M in total sales volume. The highlight of these sales was 5 Eastgate Road in Derry, a magnificent single family house that Nick and Caitlin Gray sold for $1,340,000, the second highest single family home sale ALL-TIME in Derry. Nick and Caitlin initially listed this property in early June, and quickly placed the property under contract after a packed weekend full of 10 showings! However, the deal fell out of contract due to a home sale contingency, which landed the home back on the market in July. Together, they promptly sourced another buyer and this time guided the deal to a successful closing. This was just 1 of 5 sales that closed this quarter. Nick Gray’s 4 other sales in the third quarter were as follows:
- 548 Goebel Street – 8 units
- 55 River Road #6A – 1 unit
- 33 Andrew Street #12 – 1 unit
- 13 Thompson Avenue – Single family house
Gray Property Group also added the following 5 properties to the management portfolio:
- 5 Sally Sweets Way – 3 units
- 144 Eastern Avenue – 1 unit
- 2B Clydesdale Court – 1 unit
- 33 Andrew Street #12 – 1 unit
- 55 River Road #6A – 1 unit
Though this was a hectic quarter, Gray Property Group achieved a great deal from investment to sales to management. The huge workload also forced us to develop improved systems such that we can continue to handle more and more business. We look forward to finishing our ongoing renovation projects and continuing to expand our sales and management book of business in the fourth quarter.
