219 Class A Units.
Built for Cash Flow from Day One.
219 Class A units in Westerville/New Albany, Ohio. Built 2025. 15-year tax abatement. $117K average household income within 3 miles. Two transformative employers arriving during our hold period.
$1B+ AUM · 500+ Active Investors · 29% Avg Net Investor IRR · $0 Investor Losses — Ever · $0 Capital Calls — Ever
Property Snapshot:
219 Units · 8 Buildings · 2025 Vintage
Fairmont Apartments is a ground-up new construction, Class A multifamily community in Westerville/New Albany, Ohio — the highest-performing submarket in the Columbus MSA. New construction. Zero deferred maintenance. 15-year tax abatement through 2041.
Unit Mix
Class A Amenities
Designed to attract and retain high-earning residents in the Columbus tech and defense corridor.
Interior Gallery
Built by Operators,
Not Just Allocators
Gray Capital isn't a fund manager that outsources execution. We built the operating platform from scratch — and our leadership team invests alongside our LPs in every deal. 14% average GP co-investment. 3x the industry average.
The Numbers Behind
Every Dollar We Deploy
Gray Capital is a vertically integrated private equity firm headquartered in Indianapolis. We don't outsource — we underwrite, acquire, renovate, manage, and exit every asset in-house. Our leadership team commits 15–20% GP co-investment into every deal — making us the largest equity investor alongside our LPs. When we say skin in the game, we mean it.
Columbus, Ohio:
The Most Compelling Multifamily Market in America
Columbus is a 2.2M+ population metro growing at 2x the national average. One of only 5 US markets with zero negative lease tradeout months post-COVID. Two transformative employers are landing within miles of Fairmont during our hold period.
Two Transformative Employers
Arriving During Our Hold Period
Sources: Columbus Partnership 2026; Intel 2024; Anduril Industries 2025; CoStar Q4 2025; Gray Capital Research, April 2026.
Strategic Catalysts
Reshaping the Midwest Economy
Beyond Intel and Anduril, a wave of advanced manufacturing and technology investment is transforming the central Ohio corridor into the nation’s next major economic engine.
Also in the corridor: Honda/LG $4.4B EV battery plant (Fayette County) · Amazon, Microsoft & Google hyperscale data centers across central Ohio · JPMorgan Chase regional HQ expansion · OhioHealth system-wide growth. Fairmont sits at the intersection of these catalysts.
Westerville / New Albany:
Columbus's Highest-Performing Submarket
Near-zero available land for competitive new supply. Highest household incomes and education attainment in the Columbus MSA. A-rated schools. 4%+ sustained rent growth before either employer catalyst materializes.
$1,813/mo to Rent. $4,831/mo to Own.
Owning an equivalent home in this submarket costs 166% more per month than renting at Fairmont. This gap structurally extends the renter pool far beyond typical demand cycles and creates a durable cushion against occupancy softness — regardless of market conditions.
Three Charts That Tell
The Whole Story
Source: CoStar Pipeline Data Q4 2025
Source: Rentcast ZIP 43081; Zillow ZORI National
Source: Gray Capital Underwriting Model
Investment Thesis:
Four Structural Advantages
Fairmont is not a speculative bet on a single employer or thesis. It has four independent return drivers, each of which works on its own. Together they create a risk-adjusted return profile that is difficult to replicate in any other asset in the market today.
Cash Flow Advantage
Growth Runway
Market Positioning
Embedded Upside
4,400+ Adversarial Simulations.
96.7% Unanimous GO.
Gray Capital subjected Fairmont to our proprietary Multi-Agent Adversarial Simulation (MAAS) framework — 5 independent AI agents (Bull, Bear, Moderator, Quant, LP Advocate) debating every assumption across 4,400+ simulation runs. The result: institutional-grade conviction, calibrated by adversarial pressure.
How MAAS Works
Five specialized AI agents independently analyze the deal from adversarial positions: the Bull makes the affirmative case, the Bear stress-tests every assumption, the Quant validates the numbers, the LP Advocate protects downside, and the Moderator synthesizes debate into a final verdict. Each simulation randomly varies rent growth, cap rates, interest rates, vacancy, and operating expenses within constrained ranges — then the agents debate to consensus. The result is a probability-weighted return distribution that no single analyst could produce.
50+ pages of methodology, agent transcripts, and full distribution analysis
Why Now:
The Supply Drought is Here
The national multifamily supply wave is collapsing. Columbus deliveries in 2026 will be 75% below 2025 peak. Meanwhile, absorption is running at 2x historical average. Fairmont enters the market at the ideal inflection point.
Bottom line: 4.0% average annual rent growth does not require Intel Ohio One to execute on schedule. It is supported independently by Columbus's long-term organic reversion (3.0–3.5%), a 74–75% submarket supply collapse, and construction cost inflation that renders new competition economically irrational. Intel and Anduril are additive upside — not the base case.
Sources: CoStar Pipeline Data Q4 2025; Rentcast ZIP 43081; FRED API; Gray Capital Research Division, April 2026.
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LP allocation is limited · First close approaching
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Every month of delay is a month of
tax abatement value that cannot be recovered.
The 15-year abatement runs from 2026. LP positions are limited. The deal room is open now.