RealtyMogul has named Steve Ozonian to its board of directors. Ozonian is described as a real estate, finance and technology executive who has led the growth and development of several major real estate companies including Prudential Real Estate Services and REALTOR.com. The addition of Ozonian to the RealtyMogul board comes as the real estate crowdfunding platform has just closed a Series B funding round in the amount of $35 million. Both Sorenson Capital and Canaan Partners participated in the funding round.
“We are delighted to welcome Steve to our board,” said Jilliene Helman, CEO and co-founder of RealtyMogul. “Steve is one of the most knowledgeable and highly experienced real estate operating company executives whose perspective will be invaluable as RealtyMogul continues on its fast-paced growth trajectory. Alongside our lead investors – Sorensen Capital and Canaan Partners – Steve will add tremendous insight.”
Ozonian said he believed RealtyMogul was “transforming the way investors and real estate companies connect”.
“The company’s high quality deal flow and ability to quickly and efficiently fund commercial and residential properties with both equity and debt offerings will help solidify its position as the market leader in the online real estate marketplace space,” said Ozonian.
The addition of Ozonian to the Board coincided with RealtyMogul announcing the successful financing of an apartment community in Oak Harbor, Washington. RealtyMogul partnered with sponsor New Standard Equities on the project.
The 107-unit garden style apartment community is located 70 miles north of Seattle. Built in 1989, the property is approximately 1.5 miles from Naval Air Station Whidbey Island where off-based housing is in great demand. RealtyMogul described the investment as one that held significant “value add rental upside”.
“This property represents a chance to revitalize an established apartment complex with a built in market of tenants,” said Edward Ring, founder and CEO of New Standard Equities. “We intend to execute a significant interior renovation plan including upgrading appliances, flooring, fixtures and adding washer/dryers in select units, along with exterior improvements with a focus on amenity upgrades including a new fitness center. We were pleased to have had the opportunity to work with RealtyMogul on this project.”