Fundrise Launching Online REIT, Sets Goal of $50M
Small investors will have another opportunity to invest in large real estate investments as Fundrise has announced plans for a new public offering with a goal of raising $50M.
The DC-based real estate crowdfunding firm has filed regulatory paperwork for a new offering that it expects to qualify as a REIT. Shares will not be listed on a stock exchange or other trading market, but rather through the firm’s online platform, the Washington Business Journal reports. The new offering will price shares at $10 each, with a minimum investment requirement of 100 shares. Proceeds from the offering will be used by Fundrise for investments and real estate loans.
Fundrise was launched in 2012 by brothers Dan and Ben Miller and has seen some explosive growth, including the recent international expansion of its platform. The company currently has a user base of over 60,000 investors and offices in New York, Los Angeles and San Francisco with plans to open more in select cities. Just last month, Fundrise co-founder Dan Miller parted ways with the firm to launch a new venture. [WBJ]
