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An interview-based program that dives into the investor mindset when challenges arise.  We explore the decision-making process of successful real estate investors, learn about their mistakes and how you can make the right decisions to make you successful.

Episode 34: Scaling from 132 Units to Over 8,000 Units

Dream big!  If your goal is to scale your apartment investing business to thousands of units, you don’t want to miss this one!   Spencer Gray is a mega heavy hitter in the industry that began flipping houses when he was in high school!  He bought his first 132 unit multifamily property a few years back and then figured out how to quickly scale his business.  Now, he is invested in over 8,000 units as a general partner and is on the way to joining the ranks of the elite billion-dollar AUM multifamily investment group.


About Spencer Gray:

Spencer Gray is the President of Gray Capital LLC  and Gray Properties LLC, a single-family office.  He develops, and leads investment strategy, performs underwriting, and due diligence of all assets in Gray Capital’s portfolio.  To-date Spencer has been involved in over $700 million in transactions.

Gray Capital is primarily focused on Midwest and Southeastern U.S. markets, and they deploy their own capital alongside of their investors.




About Dion: 

Dion Huey is a Co-founder at Delta Bridge Capital LLC which is a multifamily real estate investment company that invests in value-add apartment communities in the United States. He earned a master's degree in finance at Northeastern University in 2017 and worked on multiple business syndications as a financial analyst for Boston-based Plateau Asset Management which is a private equity search fund that has $30 million AUM. In 2017, Dion was an analyst on a deal team that advised Citic Investment Bank's Hong Kong private equity division on the syndication of a $1.5 billion acquisition of a hotel in New York. He is currently the host of The Multifamily Investor Situation Room Podcast.

In 2010 he co-founded Rocky Mountain Education and Technology Group which is a Beijing-based education services company that has serviced more than 5,000 clients. In his spare time, Dion enjoys reading, martial arts, lifting, and learning foreign languages. Contact the author at

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