$1.768B · 30–60% AMI
Stabilized, income-producing affordable housing assets with low leverage — the first of three Core vehicles in the 2028 vintage.
Gr3ySpace Core I Fund invests in stabilized, income-producing affordable housing assets underwritten to conservative leverage and durable in-place cash flow. Core I anchors the low-risk sleeve of the 2028 vintage — acquiring seasoned communities with established occupancy, long-dated regulatory covenants, and mature operating platforms — designed to deliver stable, contract-backed distributions to LPs across a full market cycle.
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
- Contract-backed, durable cash-flow underwriting
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 I Fund data room.
Qualified LPs may request the Core I 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.