OpenPath Investments has launched a $6 million equity offering for the purchase of Lake Tonopah Apartments, a 356-unit senior housing complex in Las Vegas, Nevada.
The offering is one of the first Las Vegas multifamily projects opened to direct private investment through real estate crowdfunding. OpenPath Investment’s online investment platform at investments.openpathinvestments.com makes the offering accessible to all accredited investors in the U.S. Accredited investors are individuals with more than $200,000 in annual income or a net worth in excess of $1 million, excluding their primary residence.
OpenPath Managing Director, Peter Slaugh, noted:
“Our Lake Tonopah offering gives socially conscious investors a tremendous opportunity to promote healthy, thriving communities while earning handsome returns. I am excited to show a new wave of investors what our past investors already know — it is possible to be a force for positive change and still make a good return on investment.”
OpenPath estimates that the new Lake Tonopah Apartments investment will garner investors a 19 percent internal rate of return. The property, constructed in 1996, offers affordable housing to senior adults and includes amenities such as a resort-style swimming pool, spa, picnic area, clubhouse and fitness center. The property features 22 garden-style apartment buildings and a leasing office. It has averaged 92 percent occupancy and features easy access to Interstate 15 and nearby centers of commerce.
Investors can access the Lake Tonopah Apartments investment summary and documents by creating a free user profile on OpenPath’s new online investment platform. Once the investment closes, investors will be able to access stored investment documents and receive, view and print annual tax documents and sponsor reports directly from their investor dashboard. Investors who continue to invest with OpenPath can access all of their investment documents and information in a single investor dashboard.
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