iintoo a real estate marketplace for accredited investors has shared some interesting information on their young platform. According to company representatives, iintoo recently raised $4.5 million for a student housing complex in Oshkosh, Wisconsin with Annex Student Living, a development firm from Indiana. The funds were raised in under 30 minutes.
Additionally, iintoo has closed two deals. One in NYC and another in London, Both were said to be ahead of schedule, providing investors returns of 14.7% and 15.91%, respectively. These returns were said to exceed the original projected returns.
Information on the two deals are shared below:
- New York City: Washington Heights Equity closed after 23 months (instead of an expected 36 months), as a result of the sponsor buying out iintoo investors’ share, reflecting an annual return of 14.7%; funds are expected to be delivered by June 30th, 2017. This project was comprised of the purchase and improvement of 50 units in a building that was partially rent stabilized. The average monthly income was increased via improvement to the property and better leasing economics. The sponsor was Galil Management, founded in 1971 and with a track record of over 10,000 units in the New York City metro area.
- London: Ealing UK signed an “exit” agreement with the sponsor after just 12 months from the original closing. iintoo investor’s will receive an annualized return of 15.91% on their original investment. This was a 14-unit, 10,000-square-foot renovation project, that brought the units to a high standard in one of the best neighborhoods in London. The sponsor, Perryman Properties, has been in business for 25 years and has a track record of over a 1,000 units.
The real estate platforms says it focuses on short-term, exit-oriented opportunities sourced from major partners, like Meridian Capital, which go through an extensive due-diligence process.
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