SAN FRANCISCO--(BUSINESS WIRE)--
RealtyShares, a leading online marketplace for real estate investing, today announced that its network of accredited investors has raised $3.5 million in equity capital for the $67.3 million acquisition and renovation of Avesta Biscayne in North Miami, Florida. This is the largest equity investment that RealtyShares has raised to date through its real estate investing marketplace.
Avesta Biscayne is a 402-unit apartment community near the Biscayne Bay shoreline, consisting of six mid-rise buildings and amenities including a clubhouse, two pools and a tennis court. The deal is sponsored by Avesta Communities, a vertically integrated multi-family owner-operator specializing in apartments serving the middle-income renter. Previously, Avesta raised $2.25 million through RealtyShares to recapitalize and renovate Avesta Bridgewater, a 344-unit apartment complex in Orlando, Fla.
“We are excited to continue our partnership with RealtyShares through Avesta Biscayne,” said Andre Gonzalez of Avesta. “Avesta is committed to growing our capital base through crowdfunding, and we look forward to partnering with RealtyShares again in the future.
“As demonstrated by our previous experience with RealtyShares, their ability to serve as the intermediary between sponsors and investors maximizes efficiency, and allows Avesta to focus on adding value to our communities and capital partners.”
Avesta intends to invest $3.79 million in renovations, including unit upgrades and exterior improvements, in order to reposition the property.
“This deal demonstrates our ability to raise increasing amounts of equity for quality real estate assets alongside highly experienced and successful sponsors such as Avesta,” said Bryan Schultz, Vice President of Equity Investments at RealtyShares. “The deal itself is especially interesting as it is situated in a high barrier-to-entry submarket of a top-tier multi-family investment market. Located within close proximity to Miami's downtown and beaches, this development offers desirable living features, including nearby shops and highway access.”
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.
Since 2010, Avesta has reported acquiring more than 12,000 apartment homes throughout Florida and Texas. Avesta is a vertically integrated company, handling acquisitions, property management, construction management and portfolio management in-house. Avesta's mission is to give people a home where they can live abundantly and create more community in the world. By striving to be the world's most resident-focused company, Avesta looks to create lasting value and serve each of its stakeholders: teammates, capital partners, vendors, communities and most importantly, its residents.