We Are

Gray Residential is committed to creating and managing superlative apartment communities through dedicated service and a welcoming environment for residents.


Gray Residential is invested in the prosperity of our communities, residents, and employees and is dedicated to providing an unmatched resident experience through technology, transparency, and accountability.

Meet our Team

Spencer Gray

Spencer Gray

President, CEO, and Co-Founder

In his role as President of Gray Capital, Spencer focuses on investment strategy and driving forward the vision of Gray Capital, a Multifamily Real Estate Investment Collective. Since founding Gray Capital with his wife Alex, Spencer has been involved in over $1.5 billion in transactions, and currently controls over $500M of multifamily real estate. Spencer is also CEO of Gray Properties, LLC, a commercial real estate-focused family office.

Spencer has 16 years of experience in a variety of real estate investing strategies since buying his first investment property just prior to the Great Financial Crisis. Prior to pursuing real estate full time, Spencer worked as an recording engineer and audiobook producer before founding and eventually selling Sugar Creek Hops LLC, the largest hop brokerage in the Midwest focused on the growing craft beer industry. In his free time, Spencer enjoys either spending time with his daughters, Isla, Rooney, and Padme or in the outdoors fly fishing and bowhunting.


Alex Gray

Gray Capital Founder and Principal; President, Gray Construction and Design

Alex Gray is a seasoned real estate executive and entrepreneur with nearly a decade of experience building businesses, managing projects, and delivering results. In addition to founding Gray Capital, Alex has extensive marketing and branding experience, launching and growing Sugar Creek Hops, one of the nation’s largest hop brokerage firms. Alex expanded the reach of the company from the Indiana area to clients across the world. Along with Sugar Creek Hops, Alex is the co-founder of Gray Properties, a family office focused on real estate investment and asset management.

With a creative background and proven management experience, Alex approaches her leadership position at Gray Capital with an eye for new ways to share her passion for real estate and the unique benefits that Gray Capital brings to its investors and partners. She plays a key role in setting the course and tenure at Gray Capital, tailoring a holistic approach to the investor experience as well as attending to the many important details that support the mission of the company. Alex graduated from Parson’s The New School for Design with a BBA in Design Management. She is also a professional artist and mother to three girls.

David Brown

David Brown

Corporate Financial Controller

David Brown has developed a progressive career as a Financial Controller and Accounting Operations Manager in a variety of industries, primarily in small to medium-sized entrepreneurial companies. With experience in auto finance, real estate development, construction, and real estate property management, Mr. Brown has a keen understanding of accounting operations and is prepared to provide his valuable expertise in helping to establish proper review and oversight procedures.

David earned a bachelor’s degree in business management from Ball State University and added Post Baccalaureate courses in Accounting. Mr. Brown subsequently passed the CPA exam.

Matt Baxter

Matt Baxter

Director of Projects and Construction

Matt has a unique and thorough background in construction.  His hands-on experience and extensive knowledge of residential, commercial, and agricultural construction provide Gray Capital with a broad spectrum of abilities with which to evaluate and add value to properties.  With over 6 years of project management experience, Matt’s background in construction and renovation projects is a valuable asset that allows Gray Capital to execute building and property improvements effectively.

Matt Baxter earned a B.S. at Indiana University and lives with his wife and daughter in Indianapolis, IN.



Vice President of Asset Management

As Vice President of Asset Management, Ryan is responsible for analyzing asset operational and financial performance, reviewing potential capital improvements, maximizing financial performance, and developing business planning for each asset. Ryan has been a professional in the property and asset management industry since 2009. He has experience with multi-family market rate, affordable, and off-campus student housing assets that were either newly developed or acquired in over fifty (50) different markets in over fifteen (15) different states. Ryan served as Gray Residential's initial Director of Property Management to help align the Gray Residential's property management operations with asset management expectations.

Ryan earned a bachelor’s degree in finance and minor in public relations from Illinois State University, a master’s degree in sports business administration from Northern Illinois University, and he currently holds a Certified Portfolio Apartment Supervisor (CAPS) designation from the National Apartment Association (NAA). In his free time, Ryan enjoys spending time with family and friends, traveling, sports, working out, listening to live music, and trying new restaurants.

Katie McAtee

Katie McAtee

Regional Property Manager

Katie McAtee brings years of property management experience to Gray Capital as the Regional Property Manager for Gray Residential. She has previously worked to develop luxury communities and has had massive success in producing leasing and financial results for her communities.

Born and raised in Indiana, Katie graduated Summa Cum Laude with a degree in Criminal Justice but decided the customer service life was for her and fell in love with property management. She enjoys spending time with her son, traveling, running, hiking, and reading in her free time.



Senior Property Accountant

Kyle Hayward has 10 years of experience in a variety of industries and positions within the Accounting world. He has specialized in general ledger accounting and worked well at building up departments from scratch by creating and documenting processes as well as delivering timely and accurate financial information to management each month.

Kyle has a wife and a 5 year old son. He is a huge college and pro sports fan and enjoys playing and competing in sports and games with family and friends.

Current apartment properties managed by Gray Residential.

Echo Park

Echo Park is a 154-unit, class A apartment property located in Bloomington, IN.

Forest Ridge

Forest Ridge is a 114-unit, class B+ apartment property located in Bloomington, IN.

Sycamore Terrace

Sycamore Terrace is a 250-unit, Class-A apartment property located in Terre Haute, IN

Villas on Fir

Villas on Fir is a 290-unit, class-A apartment community located in Granger, IN and built in 2018.

The Crosswinds

The Crosswinds is a 122-unit B apartment community located in Indianapolis, IN and built in 1990.


Suncrest Apartments is a 140-unit, B-class multifamily property built in 1986 and located on the west side of Indianapolis in close proximity to the Indianapolis Airport sub-market.

Autumn Trails

Autumn Trails is a 165-unit apartment property built in 1987 and located in Indianapolis, IN.

Careers at
Gray Residential

Gray Residential is built on a team of experienced apartment professionals that is growing every day. Find out more about joining the Gray Residential team