$1.40B · 30–80% AMI (restricted) & market
Mixed-income communities integrating market-rate and affordable units, leveraging inclusionary zoning and density bonuses in infill locations.
Gr3ySpace Fund V develops mixed-income apartment communities integrating market-rate and affordable units within the same property, leveraging inclusionary zoning requirements, density bonus programs, and LIHTC equity to create financially viable mixed-income developments in high-demand infill and transit-adjacent locations. The fund blends government-subsidized affordable rents with market-rate income to generate competitive returns while contributing to community economic integration.
What this fund does.
- Inclusionary zoning compliance and density bonus utilization
- Blended LIHTC + market-rate capital stacks
- Transit-oriented and infill development
- Neighborhood economic integration
- State HFA and municipal soft debt integration
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 V data room.
Qualified LPs may request the Fund V 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.