Gray Property Group closed out 2022 with a strong fourth quarter. Over the past three months, we completed another 10 apartment renovations, closed a wholesale brokerage deal, and placed 3 new properties under management.
Gray Property Group continued to finish renovations at several properties. We completed the renovation of 10-12 Auburn Street’s two apartments and leased them for $2,500/month each. We also closed out the renovation at 185 Calef Road and rented those four 1-bedroom apartments for $1,650/month each. Over at 84 Blodget Street, we renovated and leased two 3-bedroom apartments for $2,200/month and $2,100/month, respectively, and we finally vacated the other three units at the building after difficult eviction proceedings. Finally, we made significant progress in the renovations and lease-up for two buildings owned by a property management client: 71 Front Street in Pembroke and 283 East High Street in Manchester. We finished and leased the top two floors of 71 Front Street and we are midway through the renovation of three apartments at 283 East High Street.
Nick Gray also wholesaled a 4-unit multifamily property at 422 Maple Street in Manchester for a substantial assignment fee. Nick initially placed the property under contract for purchase but, after determining during the due diligence phase that the deal was better suited for a different business model, he decided to assign the contract. Nick ultimately wholesaled the deal to Axel Ragnarsson of Aligned Real Estate Partners, who is no doubt going to make this property a quality place to live and a resounding success for his investors. This turned a difficult scenario into a fruitful one that is a win-win for all parties involved.
Gray Property Group also added the following 5 properties to the management portfolio:
- 398 Cedar Street – 5 units
- 939 Maplewood Avenue – 2 units
- 92 Eastern Avenue #201 – 1 unit
On a personal note, on October 15th, Nick and Caitlin Gray welcomed into the world a beautiful baby daughter named Olivia. Nick has already begun Olivia’s real estate training so that she can take over the family business someday.
Gray Property Group is thankful for all of the milestones achieved this quarter and looks forward to continued growth in 2023.