About
Gray Capital
We maximize the value of the communities we invest in while also taking advantage of inefficiencies in the commercial real estate investment market—leveraging the meta demographic, social and economic currents that continue to drive the growing multifamily market to deliver outsized returns.
Multifamily
Apartment
Investing
We identify and purchase stabilized, cash-flowing apartment properties with strong growth prospects in stable, growing markets.
Operations and
Property
Management
Gray Capital's in-house property management company delivers efficient, exceptional service for renters and pro-active, cost-effective maintenance for the properties themselves.
Research
and
Reporting
Gray Capital provides private, in-depth reporting for its investors and shares its own insights and research on the multifamily market each week through the Gray Report podcast and Gray Capital YouTube channel.
Construction
and
Design
Through Gray Construction and Design, Gray Capital is able to execute on its renovation and development strategies and create modern, appealing living environments for the residents of its properties.
Mission
Using multifamily real estate as a vehicle to collectively build wealth, achieve financial freedom, and secure a legacy.
INVESTMENT
CRITERIA
INVESTMENT
CRITERIA
INVESTMENT
CRITERIA
- B+ to A+ class multifamily assets
- 200+ units per property (with the exception of BTR communities)
- Core plus and physical/management value-add strategies and risk/return profiles
- Midwestern markets: Indiana, Ohio, Michigan, Kentucky
- 1995 year of construction or newer
- Communities with strong "lifestyle" features and aesthetics that attract target apartment renter demographics
- Preference for suburban locations and sought-after school districts
- Target median incomes >$75K
Value-Add
Oakdale Square
A class B apartment community located in Bloomington, IN.
Value-Add
Suncrest
The investment thesis for Suncrest involves taking advantage of the expanding e-commerce and logistics industry on the west side of Indianapolis.
Core Plus
Villas on Fir
A great example of Gray Capital’s ability to find opportunities for cash flow and to exploit market inefficiencies with Core Plus Assets.
Value-Add
Autumn Trails
Autumn Trails is a 165-unit community built in 1987. Autumn Trails is a full-cycle investment with a August 2020 entry date and an exit date of September 2024.
TRACK RECORD
$0M
Full-Cycle Investments
0
OUR
ADVANTAGE
- Proactive communication and support
- Institutional-class reporting
- High sponsor co-investment
- Local Midwest market knowledge
- Focus on wealth preservation
- Vertically integrated with in-house property
management, asset management, and construction.
Executive Team
Spencer Gray
President, CEO, and Co-Founder
In his role as President and CEO of Gray Capital, Spencer leads all strategic initiatives at the firm, including investment strategy, capital raising, and property operations. Since founding Gray Capital with his wife Alex, Spencer has been involved in over $2.5 billion in real estate transactions and currently controls over $1B of multifamily real estate. Spencer is also CEO of Gray Properties, LLC, a commercial real estate-focused family office.
Spencer has over 19 years of experience in a variety of real estate investing strategies, including multifamily, industrial, office, and residential. Prior to founding Gray Capital in 2015, Spencer was the CEO of Sugar Creek Hops, and prior to that, he worked in media distribution and audio production. In his free time, Spencer enjoys spending time with his three daughters, fishing, bow hunting, and producing music.
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.
Jay Reeder
Chief Investment Officer
As the Chief Investment Officer, Jay Reeder is responsible for growing the Gray Capital portfolio as well as ensuring the business plans are maintained at currently owned properties. Jay got his start in multifamily housing doing market research for a student housing developer. From there, Jay then made the transition into the world of asset management. He has been responsible for acquisitions, dispositions, refinances, and portfolio management across an array of asset classes including Market Rate, Section 8, and Tax Credit.
Jay received his bachelor’s degree in Architecture from Ball State University and his MBA from Davenport University. Outside of the professional setting, Jay enjoys spending time with his family, experiencing various sporting events, and woodworking. Jay and his wife live in Indianapolis with their son and daughter.
Joe Powell
vice president of facilities
Joe Powell comes to Gray Residential with 26 years of experience in a wide range of roles in the multifamily industry. From his start at the Indianapolis Housing Agency, Joe steadily progressed and took on a number of leadership positions, moving from a maintenance supervisor, to regional leadership, and then to a Director of Maintenance, a role he held for over six years prior to his joining the team at Gray Residential. He has overseen the renovations of over 1,700 units as a project manager.
katrina Greene
Senior Vice President; Gray Residential
Katrina Greene started as a leasing associate in 2001 and has built an extensive career in the apartment industry. Katrina has a background in onsite management, digital marketing sales, single family home sales, staging, renovations, and lease-ups. Alongside her impressive professional experience, Katrina has served in leadership roles and is actively engaged in the professional community and the Indiana Apartment Association.
Andrew Bosway
Chief Operating Officer
Andrew Bosway is an Indiana native and worked across a variety of consumer product companies, managing people, processes, and products. Andrew's experience in scaling and growing teams at private equity-backed start ups has helped him fill a crucial role as Chief Operating Officer at Gray Capital. With clear vision and sharp insights, Andrew's strategic focus has helped the team to establish efficient processes that are driven by specific organizational targets and metrics.
Andrew lives in Indianapolis, IN with his wife, son, and two dogs and enjoys fly fishing and playing music in his spare time.
INVEST WITH US
Gray Capital invests alongside our partners, joining sophisticated family offices, institutions, and individual investors looking to take advantage of the unique benefits of multifamily real estate.