Checking Expectations and Taking a Bigger Picture Approach, with Spencer Gray

Spencer Gray went from entrepreneur to co-sponsor / LP to President of Gray Capital, an investment firm focused on large multifamily assets. Located in Indianapolis, he looks to take advantage of the relative lack of institutional capital flowing into the Midwest. Spencer shares with Lance his approach to sourcing deals, and why he prefers to see the value in a mismanaged property versus a distressed asset. They discuss the current state of the market, the fickle nature of IRRs, the implications of today’s political environment, and trying to deal with impatient investors to whom 10 years is an eternity.