Atlanta-based real estate investor, Jay Morrison, announced last week the initial public offering (IPO) of the Tulsa Real Estate Fund, which is claimed to be the first African-American owned Regulation A+ Tier II crowdfund designed to revitalize urban communities across the U.S., secured more than $10 million in less than a month.
According to Morrison, Tulsa Real Estate Fund, which is also called The People’s Fund, is a real estate crowdfund qualified by the Securities and Exchange Commission (SEC) that allows both accredited and non-accredited investors to collectively invest and own real estate projects around the country that are unique, diversified and yield a reasonable rate of return. The Fund seeks to raise up to $50 million in equity capital in its IPO under Regulation A+ and the Regulation A+ Tier II offering officially launched on June 1st and began taking investments immediately. The Fund even attracted $8 million in its first weekend. In February 2018, Tulsa Real Estate Fund was notified by the SEC that it had qualified its Form 1A.
“The mission of the Tulsa Real Estate Fund is to perform comprehensive redevelopment of both people and real estate in key urban areas. The innovative fund allows socially conscious individuals and financial institutions the opportunity to invest in the people and real estate in local communities that matter most to them. Tulsa Real Estate Fund redevelopment projects being considered include single family, multi-family, commercial, and agricultural projects. Other redevelopment projects around the country will be announced in the coming months.”
While sharing more details about the Fund, Morrison stated:
“Tulsa Real Estate Fund was created for the sole purpose of the revitalization of urban communities across America, as well as a means for working class people to own shares and equity in a portfolio of real estate assets that will combat gentrification. Tulsa Real Estate Fund is the perfect economic vehicle for the urban community to collectively pool its more than $1.3 trillion in spending power to effectively control and revitalize our neighborhoods.”
Morrison went on to add:
“Regulation A+ is a big win for urban entrepreneurs because it opens the door for access to capital. It’s also a big win for investors since more people will have access to investment opportunities. Historically, non-accredited investors have been left on the sidelines for many investment opportunities such as initial public offerings (IPOs) and venture capital. Regulation A+ opens the door to these investment opportunities, which will in effect allow Black Wall Street to thrive once again, but in more urban communities around the country.”
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!