SAN FRANCISCO--(BUSINESS WIRE)--
RealtyShares, a leading online marketplace for real estate investing, today announced that its network of accredited investors has collectively funded a $3 million investment for the acquisition of Clarendon Park Apartments, a 138-unit multifamily property in Phoenix, Ariz.
The deal is sponsored by Rincon Partners, an Arizona-based owner and operator of multifamily properties focused primarily on the Southwestern United States. Rincon Partners intends to use the funds to rehabilitate and modernize the apartment interiors and amenities to potentially improve its position within the market.
“We chose to work with RealtyShares to facilitate the fundraising process for this property and gain access to a wider range of equity and investors beyond our network,” said Christopher Cameron, Chief Financial Officer at Rincon Partners. “We have been following real estate crowdfunding for some time and have watched the evolution of the industry from its infancy to now becoming a leader in the financing of all types of real estate projects. Overall we have been impressed with the transparency and efficiency of crowdfunding to finance real estate projects.”
The property is located in midtown Phoenix, between the city’s two largest employment corridors and close to shops, restaurants and newly developed amenities. The property itself features a swimming pool, spa, clubhouse and fitness center, as well as access to light rail within two blocks.
“This transaction was a natural fit for our platform,” said Brian Esquivel, Senior Director of Commercial Equity Investments at RealtyShares. “The quality of the sponsorship, asset, and market made for an attractive investment opportunity for our investor base. We look forward to seeing Rincon’s vision come to fruition and many more projects with them in the future."
RealtyShares is bringing marketplace lending to real estate and building an ecosystem around it. By infusing technology into the archaic real estate industry, the company connects investors with pre-vetted real estate operators across the country looking to raise capital. To date, the RealtyShares network of investors has funded upwards of $300 million across more than 550 investment opportunities on the platform, funding residential and commercial projects in 35 states.
RealtyShares is transforming the real estate investment landscape by connecting borrowers and sponsors to debt and equity capital from accredited and institutional investors, across an array of financing products. Private investments are highly illiquid and risky and are not suitable for all investors. Through the RealtyShares website, these investors can browse investment opportunities, perform due diligence, invest online and gain 24/7 access to an investor dashboard to watch how their investments are performing. RealtyShares offers securities through North Capital Private Securities Corporation, member FINRA/SIPC. For more information on how to become a real estate investor or to seek capital through the RealtyShares marketplace, please visit www.realtyshares.com.
About Rincon Partners
Rincon Partners, LLC ("Rincon") was formed in 2015 by four partners (John Pons, Chris Cameron, Jason Ottman and Kirk McAllaster), with experience working together building exceptional real estate companies. Collectively, they have over 60 years of experience in acquiring, developing, financing, managing and selling commercial real estate across multiple asset classes, with over $18 billion of real estate acquired and managed over their careers. Since its inception Rincon has acquired and is managing multifamily properties totaling over $63 million. Please visit www.rinconpartners.com.