Real estate crowdfunding platform Really Mogul has announced they have successfully crowdfunded Georgetown Plaza in Washington, DC. The building is a mix use structure valued at $26.8 million located in the Glover Park neighborhood. The 150,097 square foot Class B office building deal was in partnership with JOSS Realty Partners who recently closed on the purchase of the building.
The property is a 150,097 square foot Class B office building that was crowdfunded through an investment sponsored by JOSS Realty Partners, which recently closed on its purchase of the asset. JOSS is a prominent private real estate investment management firm headquartered in New York City that has acquired over $700 million of office properties.
The building is described as an ideal location with ease of access to Georgetown and other upscale DC neighborhoods. Current tenants include retail and a medical office. Realty Mogul states the offer was “well received by investors involved in the transaction”.
“We are excited about partnering with a leading real estate firm like JOSS, which has a 10-year investment track record and over $700 million of office acquisitions since its inception,” said Jilliene Helman, CEO of Realty Mogul. “Realty Mogul is focused on working with best-in-class sponsors, and JOSS, with assets totaling over 3 million square feet, has impressed us with its professionalism on this transaction.”
“Crowdfunding with Realty Mogul has been an efficient way for us to raise equity capital,” said Mr. Botel. “We believe that investors were compelled by the strong market, our intense focus on operations, and our business plan for value creation on this particular property. We are excited to work with Realty Mogul and look forward to future transactions with them.”
As crowdfunding gains momentum, Helman suggested that Realty Mogul will continue its geographic expansion. “While this is our first investment in Washington D.C., it will not be our last. We are also actively looking for investments across the East Coast, in New York, New Jersey, and other markets,” she said.
The Realty Mogul site states the crowdfunding total via the site stands at almost $25 million with total property value at nearly $160 million. Over $3.1 million has been returned to investors from 76 different properties (as of July 1, 2014).
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