CrowdStreet, a crowdfunding marketplace connecting accredited investors with institutional-quality real estate investments, announced it has listed an equity investment opportunity for Timber Oaks, an 11-building, Class A multifamily property in the Dallas metro area. The opportunity is sponsored by Windmill Investments LLC, a privately held, Oregon-based real estate investment and operating company.
By listing on CrowdStreet, Windmill Investments is raising $2.7 million from accredited investors toward the $18.4 million purchase of a 180-unit, 190,920 square foot complex built in 2010 and located in Midlothian, Texas. With 98 percent occupancy and an acquisition price of $102,000 per unit, the targeted investor IRR is 17.7 percent with average annual cash-on-cash returns to investors of 7.1 percent.
“We are pleased to announce CrowdStreet’s first posting of a multifamily investment opportunity,” CrowdStreet’s CEO, Tore Steen, explained. “As a Class A property with a high occupancy rate located in a market with strong local job and population growth, Timber Oaks represents the kind of institutional-quality investment that CrowdStreet seeks.”
Investors in Timber Oaks will own an equity percentage interest of Timber Oaks Apartments, teaming up with Windmill Investments, an experienced multifamily owner and operator with more than 1,300 units under management in Oregon, Texas and South Carolina. Founder of Windmill Investments, Dan Carter, noted, “The Timber Oaks project offers CrowdStreet investors a great opportunity to participate in a quality project in a strong market. The Midlothian area has seen a population explosion of more than 136 percent during the last decade and continues to grow,”
He then added, “I believe that crowdfunding is the future of commercial real estate investment because it eliminates the middleman and puts investors directly in touch with firms, like Windmill, that have a proven track record of acquiring and operating real estate.”
CrowdStreet provides a crowdfunding marketplace that connects accredited investors with institutional-quality commercial real estate investments. Accredited investors access an intuitively designed portal to find properties, manage offers, track investment performance and build a commercial real estate portfolio. With its cloud-based fundraising and investor relationship management platform,
CrowdStreet offers real estate operators, funds and private equity companies an online vehicle to raise capital and manage relationships with new and existing investors more efficiently and cost effectively. Based in Portland, Oregon, CrowdStreet was founded in 2013 by a team with deep experience in commercial real estate, securities and finance, marketing, consumer Internet and software development.