$1.326B · 30–80% AMI
Repositioning, operational improvement, and moderate-risk affordable housing acquisitions.
Gr3ySpace Value-Add I Fund invests in affordable housing communities requiring repositioning, operational improvement, and moderate-risk business plans. The fund acquires underperforming or mismanaged assets, executes capital and operational improvement programs, and stabilizes cash flow — targeting outsized returns from disciplined execution while preserving long-term affordability outcomes.
What this fund does.
- Underperforming asset repositioning
- Operational and management uplift programs
- Renovation and moderate rehab capex
- Yield-to-cost expansion through execution
- Preservation of long-term affordability covenants
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 Value-Add I Fund data room.
Qualified LPs may request the Value-Add 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.