Real assets.
Long-term vision.
A deal-by-deal real estate investment platform focused on sourcing, structuring, and executing commercial, single-family, and multifamily opportunities with disciplined underwriting and transparent investor partnerships.
Illustrative investment framework · No investment or preferred return is guaranteed · Not an offer to sell securities.
Find the opportunity.
Structure the partnership.
Execute the plan.
Different properties. One disciplined approach.
Each opportunity is evaluated on its own merits, with investment terms and business plans tailored to the property and participating capital partners.
Commercial
Retail, office, mixed-use, and other commercial assets with a clear leasing, repositioning, or disposition strategy.
- Acquisition and underwriting
- Lease-up and operational improvements
- Cash-flow and exit planning
Single-Family
Residential acquisitions, renovations, new construction, and select development opportunities, including duplex projects.
- Renovation and construction budgets
- Comparable-sales and exit analysis
- Shorter-duration project execution
Multifamily
Duplexes, small apartment properties, and larger multifamily assets pursued for income, improvement, and long-term value creation.
- Rental performance and expense analysis
- Capital improvements and stabilization
- Hold, refinance, or sale evaluation
Structured around the deal, not a one-size-fits-all fund.
William Gray Capital Management may organize distinct investment vehicles for individual opportunities or approved investment programs. Investors review the proposed terms before committing capital.
Source & Evaluate
Identify the property, examine the market, and underwrite the business plan.
Structure & Approve
Present capital requirements, risks, fees, investor rights, and the proposed distribution waterfall.
Execute & Oversee
Coordinate acquisition, financing, construction or operations, and investor reporting.
Distribute & Decide
Distribute available proceeds according to the agreements; evaluate future investments separately.
Change the assumptions. Understand the outcome.
Choose a strategy, compare a financed purchase with an all-cash investment, and see how the loan, 8% preferred return, and 80/20 profit split affect investor outcomes. Illustrative exit-only model.
Project Assumptions
Adjust the assumptions below. Values are illustrative and are not forecasts.
How is this project funded?
Compare using a loan versus funding the project entirely with investor capital.
Loan costs & advanced assumptions
Estimate interest using the average percentage of the loan outstanding during the project. Interest and lender fees are counted once, separately from other project expenses.
Loan fees
Total financing cost
Investor equity also covers the improvements and acquisition costs entered below. Loan costs are deducted before the investor waterfall.
Estimated Project Outcome
Illustrative exit waterfall: return capital, pay accrued preferred return, then split remaining profits 80/20.
Paid as a project expense before calculating distributable cash. For long-term investments; may be 0% for development.
Available cash is applied toward repayment of contributed equity.
Accrued preference goes to investors before any sponsor profit participation. Not guaranteed.
Only profit left after the preferred return is shared between investors and the sponsor.
Investor-first distributions. Aligned incentives.
William Gray Capital Management proposes a consistent starting framework for sponsored investments across commercial, single-family, and multifamily real estate. Each deal remains subject to its own approved documents and economics.
Preferred Return
Proposed annual cumulative, noncompounding preferred return on unreturned investor capital. Paid only from available cash and not guaranteed.
Remaining Profits
After capital is returned and accrued preferred return is paid, remaining distributable profits are split 80% to investors and 20% to the sponsor, without a catch-up.
Asset Management
Illustrative annual fee of 1% of contributed equity for longer-term assets and no annual asset management fee for short-term residential development. Actual terms are deal-specific.
Opportunity begins with underwriting.
Every investment involves uncertainty. Capital may be lost, distributions are not guaranteed, and returns depend on financing, execution, market conditions, and exit timing.
Market Risk
Property values, rent demand, leasing conditions, and buyer liquidity may change.
Execution Risk
Construction costs, permitting, tenant improvements, timelines, and operating expenses may exceed estimates.
Capital & Liquidity
Debt obligations, capital calls, hold periods, and exit timing may affect distributions and investor liquidity.
Built around the right opportunity.
Commercial, single-family, or multifamily. The objective is to evaluate each investment with a clear business plan, transparent partnership terms, and disciplined execution.
For private discussion only. This page is not an offering memorandum, solicitation, or investment recommendation. The 8% preferred return is a distribution priority, not a promised yield.