Building Communities Through Affordable Housing
Graystoke Social Impact is the affordable housing division of Graystoke Capital Partners, dedicated to creating sustainable, accessible housing solutions.
Our Values
Servant Leadership
We believe in putting others first.
Embedded Sense of Urgency
Always act swiftly to drive results and seize opportunities.
Scrappy
We are tenacious and determined in everything we do.
Continuous Improvement
We believe comfort is the enemy of progress.
Rewarding Environment
We love what we do and who we do it with.
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About
Graystoke Social Impact (GSI) is the affordable housing division of Graystoke Capital Partners, founded on the principle that quality housing should be accessible to all.
Mission Statement
We generate wealth through the responsible operation, not speculation, of real estate, with an unwavering commitment to preserving affordability and providing access to clean, safe housing throughout our investment footprint.
Connection to Parent Company
GSI preserves, revitalizes, and develops affordable housing drawing on our expertise, networks, and partnerships.
Operating Model
Management Approach
Our management approach is rooted in long-term stewardship and sustainability. As an integrated developer, owner, and operator, we deliver high-quality affordable housing through new construction, strategic acquisition-rehabilitation, and preservation initiatives. We apply rigorous asset management and prudent financial oversight to ensure lasting affordability, physical durability, and operational excellence across our portfolio.
Financial Structure
We have three main models that we actively pursue: 1. New Construction - The financial structure for new construction utilizes 9% or 4% Low-Income Housing Tax Credits (LIHTC), layered with soft financing such as HOME, HTF, or deferred developer fees ("Gap Financing"). The business model relies on upfront equity generated from tax credit syndication, leveraging public-private partnerships to deliver new affordable units while ensuring long-term viability through stabilized operating income and restricted rents. 2. Acquisition/ Rehabilitation - This model combines LIHTC equity with tax-exempt bonds, or just LIHTC and/or other gap financing to acquire and rehabilitate existing multifamily housing. The approach preserves affordability while addressing deferred capital needs, with returns structured through development fees and long-term asset cash flow, aligned with compliance and affordability requirements. 3. Acquisition/Preservation - This structure brings in private equity or mission-aligned capital to acquire and preserve at-risk affordable housing. The model balances modest investor returns with long-term affordability by reinvesting in critical capital improvements, implementing cost-effective operations, and using regulatory mechanisms or structured affordability covenants to maintain income-restricted rents.
Affordability Metrics
The definition of "affordable housing" can vary depending on context (e.g., federal vs local policy, development proposals, or funding applications.). Colloquial definitions also can vary, especially as we've faced an increasing housing affordability gap, our definitions of "affordable" have expanded to include what we traditionally have considered "workforce" or "entry-level" housing. We have seen a bifurcation in supply as well, with more developers and contractors focusing on luxury, pricing out most. A clear and widely accepted definition - especially for housing development and funding purposes - is the following: Affordable housing refers to housing that costs no more than 30% of a household's gross include, including rent or mortgage payments plus utilities. It is typically targeted to households earn at or below 80% of the Area Median Income (AMI), with many programs focusing more narrowly on 60%, 50%, or 30 of AMI.
Financial Structure
Our acquisition strategy is focused on targeted growth within our core geographic footprint, including Idaho, Montana, Wyoming, Utah, Colorado, Eastern Washington, Nevada, and South Dakota. We take a research- and data-driven approach, guided by economic indicators, demographic shifts, and housing supply trends. We prioritize markets where existing affordable housing is at risk of market-rate conversion, as well as opportunities to acquire naturally occurring or unrestricted housing for conversion into long-term affordability through established programs such as LIHTC, HOME, and HUD preservation tools. This approach allows us to protect and expand affordable housing where the need is greatest and the supply is most vulnerable.
Impact
Affordable Units Preserved
Number of Residents Served
Average affordability level maintained
Community investment
Leadership
Short description of organizational values and approach
As a Managing Principal, Joe is engaged with the acquisition, deal structuring and asset management efforts of Graystoke Capital Partners. Prior to joining Graystoke, Joe worked in the investment banking division of Raymond James Financial where he was focused on mergers and acquisitions, securing capital, and strategic planning in the financial services sector.
Prior to Raymond James, Joe worked for InvestRes, which was a Florida-based real estate investment firm focused on value-add multifamily assets that owned and managed over 15,000 units. During his time at InvestRes, Joe was involved with the acquisition and capital raising efforts of more than $250 million of multifamily assets. Additionally, while at InvestRes, Joe was tasked with supporting the firm’s growth efforts and moved to Denver, CO to help spearhead the company’s expansion into the western U.S. Joe holds a BS in Finance from the University of Florida.
As a Managing Principal, Matt focuses on acquisitions, capital markets and investor relations, along with other corporate growth initiatives at Graystoke Capital Partners. Matt brings over 17 years of commercial real estate experience in multiple disciplines. Prior to joining Graystoke, Matt served as Managing Director, Capital Markets for JLL in Denver, and in a similar capacity with Walker & Dunlop in Phoenix, having financed over $4 billion in multifamily investments while working closely with investment sales teams. In addition to capital markets, Matt has extensive valuation experience as a former Certified General Real Estate Appraiser. In that capacity, Matt served as a Valuation Services Director at Colliers International, where he led a team focused on multifamily valuation services throughout the Southwest, providing analysis and valuation on over $3 billion of commercial real estate.
Matt earned a Bachelor of Science in Marine Transportation from California Maritime Academy at California State University (Vallejo), as well as a professional graduate-level certificate in Principals of Finance through Harvard University. Outside of work, Matt enjoys spending time with his wife and three boys who are active in hockey and lacrosse, as well as fly fishing, skiing and golf.
As Founder and Managing Principal of Graystoke Capital Partners, Graye brings his deep and diverse real estate experience to serve investors and lead the Graystoke team with deal origination, acquisitions, and maintaining institutional capital relationships. Graye has underwritten and completed complex real estate transactions across multiple asset types including multifamily, retail, office, industrial, debt/loan purchases, and others. Previously, Graye was on the acquisitions and capital markets team at Bridge33 Capital, where he sourced and underwrote commercial real estate properties, a majority of which came out of CMBS via special servicers. Prior to Bridge33, Graye worked at InvestRes, sourcing and underwriting multifamily acquisitions in the mountain west. Other duties included sourcing and maintaining institutional equity relationships.
Graye also runs a 501 (c)(3) charitable organization that focuses on providing medical, dental, and educational opportunities in remote villages in developing countries. Other interests include skiing, golf, fly fishing, and piloting a wide range of aircraft.
As President and co-Founder of Graystoke Social Impact (“GSI”), Corey oversees the acquisition, development, and preservation of affordable housing within the Graystoke investment footprint. Corey works synergistically with the Managing Principals of Graystoke Capital Partners structuring complex public/private partnerships, securing debt, and tax credit equity. In addition to his role at GSI, Corey founded and serves as President of Happy Home Capital Corporation, an Idaho-based 501(c)(3) nonprofit organization focused on the acquisition and preservation of affordable housing, whose mission is to empower people through housing to alleviate poverty.
Corey holds a BA in Philosophy and Economics from the University of Maryland. Outside of work, Corey enjoys quality time with his wife and daughter, fishing, reading, and tinkering with linux distributions.
Partnership Opportunities
For Investors
Information for potential capital partners
For Property Owners:
Details for owners interested in selling to GSI
For Communities:
Information for municipalities or community organizations