PHILADELPHIA, PA—When InvestCo LLC wanted to raise capital for a group of multifamily properties in the Philadelphia market, it turned to Miami-based crowdfunding platform EarlyShares to help seal the deal.
The crowdfunding site helped InvestCo add $513,000 to its capital for the Philadelphia Residential Fund, which is focusing on 1-6 unit properties in Drexel Hill/Upper Darby that it believes have good prospects for future rent growth and property appreciation. The estimated IRR on the fund is 15.2 percent, and the cash-on-cash return is posted at 12 percent, with an estimated hold time of five years for the properties.
EarlyShares co-founder Joanna Schwartz says the firm is “right in the center” of the crowdfunding real estate market place.
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