On Thursday, real estate crowdfunding platform RealtyShares announced the Network Acquisition Partnership Alliance (NAPA) has raised $2.1 million for a Dallas multi-family property. The funds will be used for the renovation and repositioning of the Westwood Apartments, a 187-unit complex comprising 25 residential buildings and a leasing office on a 9.4 acre site in the Texas city.
“Crowdfunding has certainly changed the landscape of real estate investments, and we are glad to have partnered with RealtyShares, which is on the forefront of this movement. From launch to close, the traditional capital raising process is chaotic, time-consuming and involves expensive legal work. With RealtyShares we raised capital within days of listing our sponsored deal, and we were able to seamlessly send information to investors, disseminate funds and close documents through the platform.”
Brian Esquivel, director of commercial equity investments at RealtyShares, added:
“NAPA has been able to raise nearly $5 million in capital in the past 60 days on the RealtyShares platform, affording investors access to real estate opportunities that potentially would never have been possible before. This property was sold off-market by an out-of-state seller, as part of a larger package that NAPA will acquire over several months. Located in a rapidly developing area with a stabilized workforce, this is a possible prime opportunity for investors to tap into. NAPA continues to offer valuable assets to our network of investors.”
To date, RealtyShares’ network of accredited investors has reportedly funded more than $150 million worth of investments in more than 2000 properties.
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