Fundrise has partnered with Pryde+Johnson to finance an apartment building (Class A boutique) in Seattle, and has raised $2.8 million for the project. The 8-story apartment building with 111 units is situated at 5711 24th Avenue, NW in the Ballard area of Seattle. This is the fourth project to be funded by Fundrise in Seattle, and their investors have continued to show an increasing demand for superior multi-family properties in the area.
Pryde+Johnson was the right partner for Fundrise on this project due to its impressive track record of successfully building innovative investment ventures in the area. Pryde+Johnson has over 25 years of experience in the real estate market in Seattle. From this investment, it is projected that Fundrise investors will get a 12 percent gross annual return, which will be paid on a quarterly basis over a period of 3 years.
The Seattle market is one of the leading five strongest markets for multi-family investments in the country.
The Seattle market is one of the leading five strongest markets for multi-family investments in the country. Renowned companies such as Amazon, Microsoft, Starbucks, Costco, Alibaba and Boeing have their headquarters in Seattle. This has led to a significant increase in demand for rental properties in the area, and the prospects are quite promising for both investors and developers.
Previous projects funded by Fundrise in Seattle include an apartment building in First Hill and a boutique apartment that was completed recently in Ballard. The company is planning on focussing more on the Seattle market with its increasing number of investors, from the area and outside, who are interested in the market.
The crowdfunding firm is currently scrutinizing a number of projects in the area and is looking forward to partnering with some of the leading property firms to invest about $50 million over the next six months to one year. The firm gives individual investors great opportunities to invest in some of the top real estate projects across the country, such as the 3 World Trade Center located in Manhattan.
Featured Image: Seattle