In case you missed it, the offering we introduced last week, 905 Tift Ave, fully subscribed in just five days. For over one-third of the investors who made a pledge, this was their first. The other two-thirds had previously pledged to invest in on our original offering, 748 Charles Allen.
We're seeing a similar pattern with Riverpark Townhomes, which opened to accept pledges yesterday. In the first 24 hours, just like last week, over $20,000 has been pledged for this project by 25 investors. Unlike many purported "crowd" funding campaigns offering access to invest in real estate, it is also of course open to all investors, not just the accredited 2%. It too offers an amazing interest rate and security in the underlying property.
The similarities end there, however. This one, distinct from the previous two we've offered, is:
- A new construction project, instead of a renovation
- For townhomes, instead of a single family for sale or a multi-family rental
- Located in Woodstock, a compelling suburb north of Atlanta, instead of in-town
- For another development team new to GROUNDFLOOR, Troy & Gaby Yohn
This initial set of three offerings in Georgia (plus the growing list of future offerings) provides an initial indication of the diversity and breadth of opportunity investors can come to expect, especially as we expand to new states in 2014.
As the Web gains steam in financing real estate development and opening more opportunities for everyone to invest, we'll continue to grow into new types of projects, in new locations, from a variety of developers.
Interested in hearing more about how all of this works? This week we're trying something new. We're holding a lunchtime webinar on Friday, February 21 featuring GROUNDFLOOR co-founder Nick Bhargava and 748 Charles Allen developer Pat Gilroy.
Sign up to attend. It's free, and a great opportunity to ask your questions in real-time and to get involved.