Gray Capital

Gray Capital is a vertically integrated multifamily investment firm based in Indianapolis, specializing in acquiring and operating stabilized, cash-flowing apartment communities in strong Midwestern markets. With expertise spanning acquisitions, asset management, property management, construction, and design, Gray Capital identifies market inefficiencies and leverages demographic and economic trends to deliver outsized, risk-adjusted returns for investors. Founded by Spencer and Alex Gray, the firm has been involved in more than $2.5 billion in real estate transactions and currently controls a rapidly growing portfolio focused on long-term wealth preservation and passive income generation. Supported by institutional-quality reporting, proactive communication, and a high sponsor co-investment approach, Gray Capital provides sophisticated family offices, institutions, and accredited investors access to high-performing multifamily opportunities backed by deep market knowledge and disciplined execution.