$1.768B · 30–60% AMI
Stabilized, income-producing affordable housing assets with low leverage — the second Core vehicle in the 2028 vintage.
Gr3ySpace Core II Fund extends the Core strategy with a second dedicated pool of stabilized, income-producing affordable housing assets underwritten to low leverage and durable regulatory cash flow. Core II is structured to accommodate LPs seeking a distinct fund identity, matched investment period, and separately reported performance within the same disciplined Core mandate.
What this fund does.
- Stabilized project-based Section 8 communities
- Long-dated LIHTC compliance-period assets
- Investment-grade agency financing
- Low-leverage, income-producing acquisitions
- Separately capitalized Core sleeve
Key economic terms.
- Net IRR Target
- 10–13% net IRR
- Vehicle
- Delaware Limited Partnership
- Fund Term
- 15 years (two 1-year extensions at GP discretion)
- Investment Period
- 5–7 years
- Carried Interest
- 15% above 7% preferred return (100% GP catch-up)
- Preferred Return
- 7%, compounded annually
- Distribution Waterfall
- European (whole-fund) waterfall
- GP Commitment
- 2% of total fund commitments
- Minimum LP Commitment
- $1,000,000
- Auditor
- PwC
- Legal Counsel
- LePore Law Group
Full fund terms are set forth in the Limited Partnership Agreement, Private Placement Memorandum, and Subscription Documents for the applicable fund vehicle. Fund interests are offered only to accredited investors and qualified purchasers.
Institutional cadence, matched to fund complexity.
Request the Core II Fund data room.
Qualified LPs may request the Core II Fund private placement memorandum, subscription documents, DDQ, Form ADV Parts 1 and 2A, audited fund financials, and ILPA Reporting Template samples through the Gr3ySpace Investor Relations team.