Source: Realty Mogul / #Apartments #Crowdfunding
BEVERLY HILLS, CA - Realty Mogul announced that it has crowdfunded a group of five multifamily housing buildings in the Los Angeles area. "We're very pleased to be participating in such a significant venture in one of the largest real estate markets in the country," said Jilliene Helman, the company's co-founder and CEO. "We have many accredited investors from around the world that are interested in investing in the Golden State. This latest group of apartment buildings now joins the $85 million worth of properties we've already helped to fund nationwide."
The transaction involves five apartment buildings that will be acquired by a consortium led by principals of Crawford Park Financial and Apts Mgmt, LLC. The buildings collectively hold 141 apartment units and are located in Los Angeles' Baldwin Hills neighborhood, a vibrant neighborhood with numerous redevelopment projects currently planned or under construction. "The buildings are in a great location and our crowdsourcing investment will assist the new management to improve the units and the community," said Helman.
"This kind of property – available at below replacement cost, in need of some renovation but located in a supply-constrained market – is a focus of our company," said Mark Crawford, president of Crawford Park Financial. "We expect to add value by repositioning the property through building improvements and professional management, which we anticipate will also act to increase the property's cash flow. We were very pleased to work with Realty Mogul in this endeavor. They were professional, added value to the process, and we look forward to working with them again."
Among other actions, the managers plan to implement various renovation measures and an energy savings program. "We believe that the strategic renovation and rebranding program proposed by Crawford Park Financial and Apts Mgmt can bring the facility up to standards consistent with other properties in the surrounding marketplace," said Helman. "Realty Mogul investors have the chance to participate as equity stakeholders and to earn a share of the cash flow and appreciation."
Realty Mogul is the world's leading real estate crowdfunding platform. "We like larger apartment buildings, but have also been branching out into other commercial real estate asset classes such as retail shopping centers and self-storage facilities," Helman said. "As long as a potential investment has strong cash flow characteristics, we're interested in being a player across most, if not all, of the various property types. It's important that our investors have a chance to diversify across the various market segments, so we'll continue to bring them all types of commercial real estate investment opportunities."