Multifamily investment firm Gray Capital has launched The Gray Fund, an anticipated $100 million equity fund aimed at the acquisition of approximately $300 million in large apartment communities over the next 12 to 36 months, with a hold period of up to 10 years.
Now open to accredited investors, The Gray Fund will focus on investments within growing, stable markets in the Midwest. These include business-friendly markets like Indianapolis, the home of Gray Capital and an area of active investment for the company, which has an ownership stake in more than 2,800 apartment units in the area.
The fund will target properties with for improvement built after 1980. Gray Capital specializes in both a value-added strategy that involves renovating and improving the property, as well as a core-plus strategy that focuses on buying newer properties and running them more efficiently through the implementation of technology and reducing expenses.
“The Gray Fund is an accumul