Real estate crowdfunding portal, RealtyShares, announced on Wednesday $1.2 million has been raised on its website to help finance the purchase and rehabilitation of a 76-unit multifamily property located in Jacksonville, Florida.
RealtyShares revealed that the complex, which is sponsored by The Klutz Companies, received the funds from 130 investors, which came from around the U.S. Anthony Dagati, business development of the crowdfunding portal, stated:
“This senior debt deal provides our investors with an opportunity to partner with a highly-experienced, vertically-integrated Florida-based owner-operator as they complete the renovation and lease-up of a currently vacant multifamily apartment complex. We’re very pleased to have completed our first transaction with The Klotz Companies. RealtyShares continues to view the Jacksonville area favorably, and are actively seeking new debt, equity, and full capital stack opportunities across a variety of asset classes within the submarket.”
Klotz has reportedly completed over 200 real estate transactions representing over 20,000 multifamily units valued at over $1 billion. RealtyShares also noted that this wasn’t the first time it has found success in the Sunshine State. Last month, the funding website released data that revealed it has leveraged its network of 20,000 investors to help fund more than 200 properties in Florida for $28.1 million. The data also revealed that Jacksonville has achieved substantial investor interest, generating $14.5 million, mostly through a series of multi-property funds, while the Tampa area netted $8.5 million from the crowdfunding community as well.
“Just like the cities in Florida have unique characteristics, our borrowers bring a unique set of skills and backgrounds to each funding request. With more than 1,200 sponsor applications flooding in each month, a refined vetting process is crucial to what we do, ensuring that we’re working with the best in the state.”
Masterson went on to note:
“Florida as a whole is attractive from the standpoint of an investor. The combination of a great economy and lack of inventory at lower price points make Orlando an excellent market for the type of residential projects we look for. The Orlando deals we’ve put on the platform are ideal for driving investor activity.”
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