$1.768B · 30–80% AMI
Stabilized affordable housing assets with light value-add and modest leverage.
Gr3ySpace Core-Plus Fund invests in stabilized affordable housing assets with light value-add and modest leverage, positioned between the pure-Core and Value-Add sleeves. Core-Plus targets communities requiring selective capital improvements, targeted operational upgrades, or minor recapitalization to unlock incremental yield while preserving affordability covenants and stable cash flow.
What this fund does.
- Light value-add repositioning of affordable communities
- Selective capex and operational uplift programs
- Modest leverage above Core policy
- Preservation of affordability covenants
- Yield enhancement without core-risk profile disruption
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-Plus Fund data room.
Qualified LPs may request the Core-Plus 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.