We’re grateful for another year of focused progress at Gray Property Group in 2024. The year was defined by disciplined operations, portfolio stewardship, and a major strategic step into ground-up development. Across investment, property management, brokerage, and predevelopment, the firm concentrated on long-term value creation rather than short-term expansion. Below is a snapshot of key highlights from the year.
Portfolio Improvements: Gray Property Group continued to reinvest in its owned multifamily portfolio across New Hampshire. Capital projects included new roofs, enhanced landscaping, and renovated common areas. These efforts were focused on preserving asset quality, improving resident experience, and extending long-term durability rather than pursuing cosmetic-only renovations.
Development: A defining milestone in 2024 was placing a half-acre parcel in Downtown Palmetto, Florida under contract and initiating an unsolicited proposal to the City of Palmetto to acquire its adjacent municipal parking lot. The objective of the assemblage is to develop a mixed-use project consisting of approximately 80 residential units, 15,000 to 30,000 square feet of retail space, and a structured parking garage incorporating public parking. Throughout the year, Gray Property Group advanced site control, concept planning, and municipal coordination, laying the groundwork for future approvals and execution.
Property Management: During 2024, Gray Property Group managed approximately 180 apartment units across owned and select third-party assets, in addition to commercial properties. The firm also acquired a commercial property at 16 Hampton Street, off South Willow Street in Manchester, NH. The property was vacant at acquisition and has since been leased to a retail tenant. We have also constructed a second structure on-site to serve as the headquarters for Gray Property Group’s in-house maintenance team. The firm continued refining its management platform by narrowing third-party relationships and strengthening internal processes related to leasing execution, maintenance coordination, and rent collection consistency.
Brokerage: Brokerage operations continued to scale in 2024. The firm’s brokerage team of five agents closed 18 transactions totaling approximately $8.8 million in sales volume, spanning residential and small multifamily assets. Activity remained relationship-driven and advisory-focused, supporting both clients and the firm’s broader investment strategy.
Financial Performance: Across its operating lines, Gray Property Group generated approximately $2.4 million in total revenue during 2024. The firm maintained disciplined cost controls while reinvesting strategically in personnel, systems, and predevelopment efforts. Throughout the year, the portfolio continued to deliver cash returns to investors in the 10% to 14% range, and returns on equity exceeding 16%.
We close the year with sincere appreciation for our employees, clients, investors, and residents. Their trust and daily efforts remain central to our mission of providing safe, well-maintained, and affordable housing while creating durable, long-term value.
