219 Class A Units in Columbus's Top Submarket.
Built for Cash Flow from Day One.
New Construction (2025) in Westerville/New Albany, OH. 15-year tax abatement through 2041. A-rated schools. $117K average household income. Intel and Anduril both arriving within miles during our hold period.
$100,000 minimum · Accredited investors only · 62.1% break-even occupancy
Securities offered pursuant to SEC Regulation D, Rule 506(c). This is not an offer to sell or a solicitation of an offer to buy securities. For accredited investors only.
219 new-construction Class A apartments in Columbus’s fastest-growing corridor. A 15-year tax abatement eliminates ~$979K/yr in property taxes, creating a structural floor that protects distributions even under stress. 8% preferred return with a 14.05% target IRR. Gray Capital co-invests 14–20% alongside LPs.
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
Market & Growth Runway
Operational Edge
Embedded Upside
Occupancy Cushion
The distance between current occupancy and break-even is the margin of safety.
35-pt cushion
Property Snapshot:
219 Units · 8 Buildings · 2025 Vintage
Fairmont Apartments is the newest, highest-quality community in the submarket. A-rated Westerville City Schools and New Albany-Plain Local school districts. Resort-level amenities designed for tech professionals earning $100K+.
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 is a vertically integrated private equity firm — we underwrite, acquire, manage, and exit every asset in-house. Our leadership team commits 14–20% GP co-investment in every deal, making us one of the largest individual capital commitments alongside our LPs. The result is an asymmetric return profile: downside structurally protected by a $979K/yr tax abatement floor, upside driven by operator execution in a market growing at 2x the national average.
Achieved during 2024–2025 — the toughest supply cycle in a decade, when national rents were flat to declining (<1%/yr). Gray Capital's vertically integrated operations delivered +3.51% in 2024 and +5.46% in 2025 same-store, outperforming the national market by ~3.5 percentage points annually.
Past performance is not indicative of future results. The 29% average net IRR reflects realized returns across exited investments and is not a guarantee of future returns on this or any offering.
Flats at Stones Crossing
Class A · 292 Units · Greenwood, IN · Acquired October 2025
Gray Capital is a vertically integrated PE firm headquartered in Indianapolis. We underwrite, acquire, manage, and exit every asset in-house. Our leadership team commits 14–20% GP co-investment in this deal — meaning we have significant skin in the game alongside our LPs.
Deal Structure & Fees
Transparent alignment — we win when you win.
1% Asset Management
3% Property Management
$0 Investor Losses* · $0 Capital Calls* · 500+ Active Investors
*Based on Gray Capital investments from 2015 to present. Past performance is not indicative of future results.
How It Works
From interest to investment in five simple steps.
Two Tax Advantages.
One Deal.
Fairmont benefits from both 100% bonus depreciation (restored permanently in 2025) and a 15-year property tax abatement. Together, they make this one of the most tax-efficient multifamily deals available today.
Method: Licensed engineering cost segregation study. · Legal basis: IRC §168(k) as amended by the One Big Beautiful Bill Act (signed July 4, 2025), subject to Congressional action and current law. Property must be acquired and placed in service after Jan 19, 2025. · Disclaimer: Tax estimates are illustrative. Consult your tax advisor for individual impact.
“Fantastic reporting! Another syndication I’m an LP with provides a single email with a brief update. Your updates and reporting are top shelf.”
Robert McDonald
Gray Capital Investor
“Very happy with my Gray Fund investment! Thoughtful strategy and solid returns. I appreciate the regular updates, on-time distributions, and the overall communication.”
Cathi Scalise
Gray Capital Investor
“Gray Capital has been the highlight of our investment portfolio. The team communicates well and often with investors which is a definite plus.”
Denise Costello
Gray Capital Investor
Zero Negative Lease Tradeouts Post-COVID. 2x National Rent Growth.
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
Westerville / New Albany:
Columbus's Highest-Performing Submarket
A-rated school districts: Westerville City Schools and New Albany-Plain Local — among the highest-rated in Ohio. Near-zero available land for competitive new supply.
$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.
Northeast Columbus submarket rents grew 4–6% YoY — top-performing submarket in the metro — while the national average declined. Led by demand around Intel’s New Albany campus. Not a trend — a structural advantage.
Sources: Columbus Partnership 2026; Intel 2024; Anduril Industries 2025; CoStar Q1 2025; Zillow ZORI National; Gray Capital Research, April 2026.
219 units. 97% occupied. 15 years of tax protection.
Sometimes the thesis is simple.
Why Now:
The Supply Drought is Here
The national multifamily supply wave is collapsing. Columbus metro deliveries drop 43% in 2026. In the Westerville/New Albany submarket, the decline is even steeper — 75%. Meanwhile, absorption is outpacing historical averages. Fairmont enters the market at the ideal inflection point.
Source: CoStar Pipeline Data Q4 2025
Source: CoStar Q1 2025; Zillow ZORI National
Source: Gray Capital Underwriting Model
At 6,286 units absorbed TTM — well above the historical average — Columbus is consuming supply faster than it’s being built. And 2026 deliveries just dropped 43%.
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.
We ran
4,400+ adversarial simulations
against this deal.
Five independent AI models attacked every assumption — rent growth, exit caps, occupancy, rates. Zero scenarios produced a negative return. The structural floor held at every stress level.
Our underwriting target of 14.05% uses a 5.50% exit cap — 82 basis points above where comparable abated properties have recently traded (avg 4.68%). The adversarial simulation attacks these already-conservative assumptions.
Based on Multi-Agent Adversarial Simulation (MAAS) modeling. See Important Disclosures.
Read the Full Study →475+ adversarial simulations · 15 deliberation categories · Full methodology
Simulated results are for illustrative purposes only and do not guarantee future performance. All real estate investments carry risk, including partial or total loss of capital.
Full Simulation Distribution
200 calibrated simulations.
Every outcome visualized.
Multi-agent adversarial model — five independent AI perspectives attacking every assumption.
Our underwriting target IRR is 14.05%. Five independent AI models attacked every assumption — rent growth, exit caps, occupancy, rates, and employment — calibrated against 16 sale comps and the actual acquisition model. Even under adversarial pressure, the median outcome is 484 bps above the preferred return.
Simulated results for illustrative purposes only. Actual results may differ materially. Full methodology: Read the full study →
Uncertainty creates opportunity.
The near-term setup for Midwest multifamily is among the
strongest we’ve underwritten.
Tariffs, rate volatility, geopolitical risk — through all of it, people need shelter. New construction is stalling. Demand is accelerating. Fairmont is already 97% occupied — with a break-even occupancy of just 62.1%. That 35-point cushion is the margin of safety. LP positions are limited.
Forward-Looking Statements: This material contains forward-looking statements regarding projected returns, cash flows, occupancy rates, and market conditions. These projections are based on assumptions that may not be realized. Actual results may differ materially from those projected. All financial projections, including IRR, equity multiple, and cash-on-cash returns, are estimates only and are not guaranteed.
Past Performance: Gray Capital’s historical track record of 29% average net IRR reflects performance across all investments from 2015–2026. Past performance is not indicative of future results. Each investment carries unique risks and market conditions.
AI-Generated Analysis: The MAAS analysis was generated using AI models. AI projections are computational estimates and do not constitute investment advice. Results should be considered alongside traditional due diligence.
Accredited Investors Only: This offering is made pursuant to SEC Regulation D, Rule 506(c) and is available exclusively to verified accredited investors. This material does not constitute an offer to sell or a solicitation of an offer to buy securities to any person in any jurisdiction where such offer or solicitation would be unlawful. Review the PPM for complete terms, risk factors, and legal disclosures.
$0 Investor Losses: Refers to Gray Capital’s track record across all investments since 2015. Does not guarantee future results.
No PPM Substitute: This page is for informational purposes only. The PPM will contain complete offering terms, subscription procedures, risk factors, and legal disclosures.
Illiquidity & Risk: Real estate investments are illiquid and involve significant risks including loss of capital, market changes, rate fluctuations, tax law changes, environmental risks, and leverage risks. Refer to the PPM for complete risk factors.
Tax Disclaimer: Tax benefits described are general in nature and not tax advice. Consult your tax advisor. Tax laws are subject to change.
