NYCE has returned to Wefunder for its 3rd Reg CF securities offering. As was previously reported, NYCE – a firm that wants to create a Robinhood for real estate, pursued two securities offerings on both Wefunder and Republic in late 2020.
Once again, NYCE is seeking individuals to back an investment in Temple University housing in Philadelphia.
As it stands today, NYCE has raised over $1 million for a priced round at a pre-money valuation of $6 million. To quote the offering page:
“TEMPLE II is Phase II & III of the 101-bed tech-powered student housing development “Philicon Square,” directly across Temple University’s football training field and two blocks from campus.
Powered by a formal partnership between NYCE and Temple University, this development TEMPLE II includes a total of 84 coliving units/bedrooms. Tenants will lease individual bedrooms within the apartments.”
The property was acquired by NYCE in 2021 with construction already in progress. The building is scheduled to be completed at the end of 2022.
As an example, NYCE sites TEMPLE I that accepted investments during construction at a $1 million pre-completion valuation. Three months later after construction was completed, the property appraised at $2,055,000.
So what do you get if you invest?
NYCE states that it is offering an 8% preferred return, in addition to having a piece of the project. They are estimating that investors will receive a 12%-15% annualized IRR with a 36-month lock-up period. A possible sale may take place within three years.
Of course, there are no guarantees and each investor must do his/her own diligence.
You may read more about it here.
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