We’re grateful for another great year of growth at Gray Property Group in 2023! Our journey this year has been marked by remarkable successes across all facets of our business, from brokerage and investment to property management and team expansion. Here’s a closer look at our accomplishments this year and our aspirations for 2024.
- Renovation Success: We completed the final renovations of a 15-unit portfolio, further enhancing the living standards for our tenants and contributing to the revitalization of our communities.
- Brokerage Triumphs: Our brokerage team closed 12 deals, totaling $4.9 million in sales volume, showcasing our expertise and dedication to delivering exceptional real estate services.
- Property Management Expansion: We scaled our New Hampshire property management portfolio to 225 units, a testament to our growing reputation and the trust placed in us by property owners and investors.
- Team Growth: Our New Hampshire team expanded to16 personnel: Owner Nick Gray, a business development officer, a finance administrator, a leasing agent, a maintenance manager, an administrative assistant, six maintenance technicians, and four sales agents.
- Florida License Achievement: We earned our Florida license and made initial steps toward opening a Sarasota office, marking the beginning of an exciting new chapter in our growth journey.
- Recognition: Nick Gray was honored as New Hampshire Young Entrepreneur of the Year, a recognition of his visionary leadership and the impact of Gray Property Group in the real estate industry.
Our various income streams totaled $2.1M, good for ~25% growth versus 2022. On the investment front, we operated our in-house portfolio at a 14.3% cash return and 19.1% return on equity. Meanwhile, our property management team collected $2.4M in rent and distributed $1.2M of that to our clients. Most importantly, our work this year advanced our mission of providing safe, quality, and affordable housing to the working middle class.
We close the year with a heartfelt thank you to our dedicated employees, whose passion and daily hard work drive our success. We also extend our deepest appreciation to our valued clients for entrusting us with their real estate needs and to our tenants for making our long days worth the effort.
