Real estate crowdfunding platform iFunding announced on Monday (December 8th) that its real estate partner, The Bruckal Group, has raised $1 million on the platform for its latest residential project.
The campaign was accomplished in 14 days, involving 45 participants from iFunding’s registered base of thousands of accredited investors. The $1 million in crowdfunded equity finance complements another half-million dollars in equity from other sources, and several million dollars via loan.
The financing will support the acquisition and expansion of a townhouse and condominium community in the fast-growing suburb of Aurora, Colorado. Aurora is home to a new biosciences center, air force base, and children’s hospital, and near Denver International Airport. The Bruckal Group will convert over 30 rental units on the estate into resident-owned properties, then build and sell over 45 more units on the remaining open land. This phased development approach will enable investors to receive a preferred return on equity plus return of capital relatively quickly, followed by additional profits from the new construction.
The Bruckal Group are experienced developers and operators on the west coast of the United States and Canada. The company has been renovating a 436-unit apartment complex in Phoenix, Arizona. They are currently going to market with an 18-unit, high end townhouse project in Tempe, Arizona. The Bruckal Group also recently refurbished and sold a 105-apartment high-rise in Denver, Colorado.
Myles Bruckal, CEO of The Bruckal Group, explained their decision to leverage iFunding’s platform for crowdfunding. “We had researched several crowdfunding sites and determined that iFunding was a good fit for a $1 million raise, with flexible terms for our investment plan. iFunding’s track record was outstanding. We found their team to be very thorough and responsive during the listing process. Our team looks forward to further investment collaboration together.”
iFunding’s CEO, William Skelley shared, “We were very enthusiastic about facilitating The Bruckal Group’s crowdfunded financing. They demonstrated real depth in understanding their markets and executing profitably on sizable residential projects. Because this project involved an eye-catching townhouse community in a growing neighborhood, with attractive returns over several years, this offering quickly caught the attention of many investors.”
In parallel with iFunding ‘s ongoing evaluation of real estate operators and properties to list for crowfunding, the company also is raising equity investment in its own company. In the first three days of listing its corporate crowdfunding campaign, iFunding raised $995,000. Accredited investors are invited to read our materials on the site and consider investing in our company.
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