Real estate crowdfunding platform RealtyShares states it has raised $2 million in relation to a preferred equity investment in a Florida single family home fund. The offer was completed in concert with Sun Coast Property Management, a privately owned real estate investment company that has deployed over $35 million in Northern Florida during the past 5 years. According to the company, Sun Coast has sold over 250 rental properties to institutional investors during the past 18 months.
Chris Funk, Managing Director of Sun Coast Property, said it was a pleasure working with RealtyShares on the fund.
“With the financing provided by this real estate crowdfunding platform, we expect to purchase, renovate, and sell — or refinance — approximately 120 properties in northeastern Florida over the term of the fund. We’ll work to make improvements to the assets before marketing them through our experienced team, and expect to generate good returns for RealtyShares investors,” stated Funk.
Nav Athwal, CEO of RealtyShares said the feedback from investors was very positive and there was solid interest to invest in real estate in northeast Florida.
“… greater Florida is featuring some of the most attractive single-family opportunities in the country right now. We think the success of the offering is also a testament to the prestige of Sun Coast Property Management, who, as local market participants know, is a prominent force in that region,” said Athwal.
The transaction was described as giving Sun Coast exposure to the RealtyShares nationwide investor base. Investors liked the regional expertise in participating in the offer.
RealtyShares has helped to finance over $100 million since the platform launched. It was recently revealed that the company had raised $17 million to boost platform growth.
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