LOS ANGELES, CA - Realty Mogul, the online real estate capital platform connecting accredited and institutional investors to real estate investment opportunities, announced today that it has successfully crowdfunded the Lakeside at Town Center apartment complex in the Atlanta suburb of Marietta, Georgia. Realty Mogul's accredited investors contributed over $1.2 million through its online crowdfunding platform to help purchase a portion of the interest in this apartment complex from Arenda Capital Management, the project's sponsor.
"This transaction involved our first funding of a 'Class A' property, meaning one of the highest quality buildings in the local market area," said Jilliene Helman, CEO of Realty Mogul. "These properties are typically highly valued by institutional investors, and it's infrequent that individual accredited investors are able to participate in such opportunities. We were proud to work on this transaction with Arenda Capital Management, which had earlier partnered with Loma Linda University to purchase the property."
Built in 2001, the property is a 358-unit apartment community comprised of 14 garden-style apartment buildings along with a clubhouse/leasing center, several garage/storage buildings, swimming pool, tennis court, playground, fitness center, cyber café, and car wash facility. The 390,594 square foot property is already at 95% occupancy and is located near the huge Town Center Mall, a number of corporate office parks, and Kennesaw State University, one of the fastest growing institutions within the University System of Georgia.
"This property represented a unique opportunity to participate in an outstanding apartment community in a high-growth suburban Atlanta location," said Ryan Millsap, co-Managing Principal of Arenda Capital Management. "We saw an opportunity to perform additional moderate upgrades, and to reduce certain expenses, so as to add additional potential upside for investors. The Atlanta area and this submarket in particular seem poised for additional growth, and we believe that our 'absolute return' approach to opportunities offering strong risk-adjusted returns will help us in keeping this property at the 'best in class' level that it's maintained thus far."
Arenda Capital Management is a private investment firm based in Los Angeles, CA that invests in real estate opportunities across the United States on behalf of select institutional and private investors. Arenda's principals have been involved in the acquisition of over 12,000 multifamily units and 580,000 square feet of retail, office and mixed-use properties in the past 12+ years. Since 2011, Arenda Capital Management has acquired approximately $550 million of commercial real estate, while placing over $200 million of equity.