Real estate crowdfunding platform Fundrise has shared a bit of history. The first ever crowdfunded real estate project has opened up as a “communal food” and retail market in the H Street corridor in our nation’s Capitol.
Maketto, located at 1351 H Street NE, was not only Fundrise’s first offering when the platform launched in 2012 – back before anyone really knew about crowdfunding real estate, but it remains the first real estate project in the country to allow investment from individuals online. At that time Fundrise raised $325,000 from 175 individual, unaccredited, investors who invested from $100 to $10,000 into the project to support the launch of a new business. Fundrise notes that the property has appreciated by an average of 20% annually over the past three years – potentially generating a nice return for investors.
In the early days of crowdfunding, Fundrise was utilizing the little known Reg A exemption. Something that allowed the platform to mix accredited investors with those who did not qualify under the current definition.
Co-founder and CEO of Fundrise, Ben Miller commented on the event;
“More than three years ago we envisioned a new kind of real estate, based on access, transparency, and technology. Today, with the opening of Maketto, our earliest project has come to fruition. The Maketto team has created an incredible concept and we are excited for the community to enjoy the new restaurant and retail space.”
Erik Bruner-Yang, a well known DC chef from the restaurant Toki Underground, along with Will Sharp of local fashion brand DURKL, Maketto will include a new restaurant from Bruner-Yang, gourmet coffee shop, bakery, outdoor vendor stalls, and DURKL retail store.
Maketto is located in a growing district in Washington, DC, a neighborhood that is home to over 100 retail shops, a vibrant collection of new restaurants, clubs, coffee houses and diverse dining opportunities. Described as “reborn” by the H Street Corridor has undergone a tremendous amount of new development, including the construction of DC’s only streetcar. In the last five years, more than 50 new restaurants have opened or are presently under construction in the area.
Fundrise states that since 2012 it has given more than 50,000 investors an opportunity to invest in real estate in top markets around the country, including the landmark project like 3 World Trade Center in Manhattan.
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