Ohio-based real estate crowdfunding platform Brelion announced on Thursday it has completed its acquisition of PeerRealty. The funding portal revealed that this acquisition is expected to strengthen the core offerings of both companies along with creating more resources for real estate investors and commercial developers.
According to Brelion, PeerRealty will integrate with Brelion’s technology to launch new reporting and communication features, a welcome benefit for investors looking to track and manage their investments more efficiently. Brelion Founder and CEO, Vadim Kleyner, stated:
“PeerRealty is a leader in the real estate crowdfunding industry with a strong brand in the Chicago and the Midwest region. Their client base, combined with Brelion’s innovative technology and investment management experience, will open up new opportunities for real estate stakeholders.”
As part of the acquisition, Brelion has named Eugene Blumin as PeerRealty CEO, Andre Temnorod as CTO, and Boris Gringauz as Director of Finance. PeerRealty will notably continue to operate under its name and maintain a presence in Chicago. Kleyner explained:
“This team has nearly 60 years of combined real estate and technology experience and will a bring fresh perspective to the PeerRealty portfolio.”
It was also revealed that PeerRealty founders, Jordan Fishfeld and Juan Hernandez, have moved on from the funding platform to focus on building CFX Markets, a trading platform to support liquidity in the alternative asset market, which includes those assets purchased on PeerRealty and other real estate crowdfunding platforms. Blumin added:
“PeerRealty is stronger than ever and clients are already benefiting from Brelion’s technology resources as well as the opportunities available with the burgeoning Northeast Ohio real estate market. Our first project, targeting a 14 percent annualized return for preferred equity holders completed its funding in record time.”