Real estate crowdfunding platform RealtyShares announced on Tuesday its network of accredited investors has collectively funded a $3 million investment for the acquisition of Clarendon Park Apartments, a 138-unit multifamily property located in Phoenix, Arizona. The property is located in midtown, which is between the city’s two largest employment corridors and close to shops, restaurants and newly developed amenities. The property itself features a swimming pool, spa, clubhouse, and fitness center, as well as access to light rail within two blocks.
According to the funding portal, the deal was sponsored by Rincon Partners, an Arizona-based owner and operator of multifamily properties focused primarily on the Southwestern U.S. Rincon Partners reportedly intends to use the funds to rehabilitate and modernize the apartment interiors and amenities to potentially improve its position within the market. Christopher Cameron, Chief Financial Officer at Rincon Partners, stated:
“We chose to work with RealtyShares to facilitate the fundraising process for this property and gain access to a wider range of equity and investors beyond our network. We have been following real estate crowdfunding for some time and have watched the evolution of the industry from its infancy to now becoming a leader in the financing of all types of real estate projects. Overall we have been impressed with the transparency and efficiency of crowdfunding to finance real estate projects.”
“This transaction was a natural fit for our platform. The quality of the sponsorship, asset, and market made for an attractive investment opportunity for our investor base. We look forward to seeing Rincon’s vision come to fruition and many more projects with them in the future.”
To date, the RealtyShares investors has funded upwards of $300 million across more than 550 investment opportunities on the platform, funding residential and commercial projects in 35 states.
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