CrowdVested, a commercial real estate crowdfunding platform, is teaming up with Atlanta-based developer Paces Properties to launch its very first campaign on Thursday. The project will be the first real estate equity campaign offering in the southeast open to both accredited and non-accredited investors.
Paces Properties specializes in the development, management and leasing of multifamily residential communities and speciality retail centers. The mission of the company is “A commitment to creating distinctive, inspiring and well-crafted environments to live, work and shop.”
The company is seeking to acquire, renovate and lease seven largely vacant retail builds on Glenwood Avenue in at the heart of East Atlanta Village. The builds total 26,000 square feet of retail and are partially leased to two long-term ternants. The remainer of the property is vacant and has suffered rom recent mismanagement. In order to purchase this property, Paces Properties must raise $250,000.
CrowdVested CEO Grady Thrasher stated, “We’re excited to partner with Paces Properties for our first crowdfunding deal. Paces is a top in-town developer in Atlanta [who is] responsible for great projects like Krog Street Market in Inman East Atlanta and redeveloping this part of Glenwood Avenue will be a positive for the East Atlanta Village.”
The real estate crowdfunding platform will act as a a host site for investors to securely invest with Paces Properities. Paces Propertiies seeks to raise a minimum of $250,000 through the campaign. Thanks to the state’s invest exemption, any Georgia resident can make an equity investment in the project for as little as $500 by logging on to the CrowdVested website.
“We couldn’t be more excited to be the first crowdfunded real estate project in Georgia,” Pace Properties principal Merritt Lancaster explained. “We pride ourselves on being creative real estate developers, and we think this is a truly unique way to all local residents who are passionate about urban development to participate in the process. We also are very bullish on East Atlanta, and in addition to this project will be developing 120 apartment units around the corner.
Georgia is one of only a handful of states in which all residents can invest in crowdfunding campaigns and receive equity. Across the country, crowdfunding mostly is limited to donations on sites like Kickstarter. Equity crowdfunding will eventually be available nationally, thanks to the JOBS Act, but the Securities and Exchange Commission has not approved necessary rules and regulations.
Mr. Trasher noted, “This campaign allows residents to invest right here in their own community. With real estate, people are able to see a tangible result for their investment and watch the project’s progress along the way.”
As a Georgia-based crowdfunding platform, CrowdVested is dedicated solely to the state’s real estate industry. It is an innovative new way for residents to invest in real estate projects here in the state. It is an investment-focused and passionate about improving Georgia’s communities.
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