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A diversified portfolio of cash flowing multifamily assets in growing Midwest markets.

A diversified portfolio of cash flowing multifamily assets in growing Midwest markets.

Invest with confidence to create tax-efficient cash flow up to 10% annually (A Units) or upside targeting 4X (B Units). Combine A and B units to create a tailored risk and return profile designed to achieve your goals.

Click the button below to learn more about The Gray Fund.

Invest with confidence to create tax-efficient cash flow up to 10% annually (A Units) or upside targeting 4X (B Units). Combine A and B units to create a tailored risk and return profile designed to achieve your goals.

Click the button below to learn more about The Gray Fund.

The Gray Fund is centered around the dynamic investment strategy that Gray Capital has successfully used to acquire over 10,000 multifamily apartment units providing a 29% average return (IRR) to investors since launching in 2015.

Now is the time
to invest in apartments

  • Lack of development over the last decade has lead to a record supply and demand imbalance for housing
  • Effective rents are forecasted to grow 20%+ over the next 3 years
  • Apartments are the best risk-adjusted hedge against inflation
  • Single-family homes are out of reach to many, increasing the demand for rental housing
  • Downsizing baby-boomers are renting for flexibility
  • Enormous housing demand without enough supply
  • Would-be homebuyers and downsizing baby boomers drive up apartment demand
  • Incredible tax benefits including tax-sheltered income
  • Apartments have proven to be recession resilient
  • Global search for yield will keep cap rates low
  • Insulated from stock market and geo-political risk
  • Stable stream of income
  • Ability to force appreciation and increase returns
  • Incredible tax benefits including tax-sheltered income
  • Economies of scale compared to single-family homes and duplexes
  • Insulated from stock market and geo-political risk
  • Stable stream of income from cash-flowing apartment assets

Fund criteria

  • Value-Add and Core Plus Strategies
  • Primary Investment Region: Midwest, USA
  • Growing Secondary/Tertiary Markets
  • 100+ Unit Properties
  • 1980-2022 Vintage
  • Stabilized A/B-Class Assets
  • Market Rate Multifamily Properties
  • 7-10 Properties
  • 75% Average Loan to Value

Fund Terms and Structure

The structure of the Gray Fund, which includes income-focused Class A units and growth-oriented Class B Units, allows investors to create a risk/return profile that meets their specific investment goals.

  • 5-10 Year Term (Close-Ended)
  • $100M Targeted Equity
  • Dual-Class Structure for Individualized Risk Profiles
  • 7%** or 10%* Preferred Return, Distributed Monthly
  • 18-25% Target IRR**
  • $100k Min. Investment First 6 Months of Fundraise
  • $250k Min. Investment After 6 Months
  • 80/20 LP/GP Split, 60/40 After an 18% IRR **
  • Below-Market Fees

        *Class A Units;    **Class B Units

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Return Profile

Invest with Gray Capital

The sponsor of The Gray Fund is a significant co-investor, contributing 20% alongside The Gray Fund and creating material alignment of interest and "skin in the game."

As a passive investor and Member of the Gray Fund, LLC you will not only benefit from an experienced and driven operating partner with a proven track record of building highly profitable portfolios of commercial real estate, but also from a dynamic investment vehicle that puts you in control.

Schedule a Meeting with Gray Capital.