Real estate crowdfunding platform Fundrise has partnered with Buchanan Partners to raise $1.5 million for the acquisition and recapitalization of the Innovation Business Center in Manassas, Virginia. According to Fundrise, the flex-office space property is fully occupied today. Investors in the project may expect an annual return of 12% over a 36 month term.
“We are excited to be partnering with Buchanan, one of the leading development firms in the DC region,” said Ben Miller, co-founder and CEO of Fundrise “this type of investment is something that larger institutions would traditionally fight over, and to be able to offer it to investors through the platform shows how far crowdfunding has come.”
Founded in 1998, Buchanan Partners has acquired, developed, and owned over five million square feet of property including 4,000 residential units across the DC metro market, with current developments in Alexandria, Prince William, and Loudoun Counties in Northern Virginia. Buchanan announced the purchase of the property in Manassas this past April.
“Fundrise structured a flexible deal within a tight timeframe and was an innovative and reliable capital partner at every point in the process. We look forward to working with the Fundrise team again in the future, as this model of financing will open up a whole new set of opportunities for us,” said Brian Benninghoff of Buchanan Partners.
Fundrise was the first company to successfully crowdfund investment for real estate online and has raised over $50 million for more than 55 projects from thousands of individual investors to date.
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