On Wednesday, RealtyShares announced real estate firm, Blue Mountain, has secured $3 million for a Salt Lake City residential property development fund. The real estate crowdfunding platform revealed Blue Mountain would purchase over 200 underperforming homes through the development fund, which is the fourth single-home fund that the company has raised through the funding portal.
Kenneth Thomson, president of Blue Mountain, stated:
“Crowdfunding has been a great time management tool for us. While the money is coming from multiple investors, we only have to deal with RealtyShares. It saves us time so we can do what we do best – finding great homes to renovate. And because it is sometimes quicker to acquire capital through crowdfunding, we’re able to potentially negotiate better prices on properties.”
Mark Masterson, director of investments at RealtyShares, noted:
“This fund can enable investors from across the country to tap into Utah’s real estate market. With low unemployment, a strong jobs market, and low inventory, the Greater Salt Lake City housing market has been attractive from the standpoint of an investor. Blue Mountain has been able to use their extensive infrastructure and sourcing capabilities to provide updated housing options that can be attractive to retail homebuyers and renters alike.”
Blue Mountain will use the proceeds from the renovated homes to reinvest in the fund for additional properties through the 30-month term. To date, RealtyShares’ network of accredited investors have funded more than $150 million worth of investments for over 2000 properties.
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