$2.80B · 80–120% AMI
Workforce housing and naturally occurring affordable housing serving 80–120% AMI households in high-cost metropolitan markets.
Gr3ySpace Fund III develops and acquires workforce affordable housing communities serving households earning 80 to 120 percent AMI in expensive metropolitan markets where the private market does not produce sufficient affordable rental supply at moderate-income price points, and acquires naturally occurring affordable housing comprising older market-rate apartment communities providing rents below new construction levels to moderate-income households.
What this fund does.
- Workforce housing new construction and acquisition
- Naturally occurring affordable housing (NOAH) preservation
- Targeted capital improvement programs to preserve affordability
- Middle-income and essential-worker housing initiatives
- Non-subsidized market-competitive returns
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 Fund III data room.
Qualified LPs may request the Fund III 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.