Leading Crowdfunding Platform Plans to Deploy Estimated $30 Million of Capital in Mile-High City
Fundrise, the leading real estate crowdfunding platform, today announced that it has made its debut in the Denver real estate market after providing $1 million to finance a ground-up mixed-use apartment complex with Littleton Capital Partners. The 69 individual investors in the project are expected to receive a gross annual return of 13.2% percent, to be distributed over a projected 15-month term.
The project is a 62-unit mixed-use development located at 35th and Larimer Street in the fast-growing River North (RiNo) district, which has been transitioning from a primarily industrial area to a vibrant mixed-use community over the last decade. The district has become a popular spot for artists as well as creative businesses and entrepreneurs.
“The development at 35th and Larimer marks the beginning of our plans to allow our investors opportunities to invest in the top projects in Denver, which is forecast to continue to show strong economic growth in the years ahead,” said Ben Miller, co-founder and CEO of Fundrise.
Construction is scheduled to begin this Spring with an expected completion in early 2016. The developer, Littleton Capital Partners, has built a reputation for delivering high-quality infill projects in the Denver market thru active property management and attention to detail.
Fundrise plans to follow this investment with other projects in the Mile-High City, aiming to deploy an estimated $30 million in capital over the next 9 months. The company is focused on working with experienced multi-family, mixed-use, retail, and office developers with urban infill projects ranging between $5M to $100M in size.
With Fundrise, anyone can build a real estate portfolio and access diverse, high-yielding real estate opportunities through a streamlined online experience. The site allows lenders to invest in specific properties and earn favorable returns (historically 12 to 14 percent). Since its founding, Fundrise has given more than 50,000 investors an opportunity to own real estate – and has provided capital for more than 100 developers across the country.
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