Curbed ran a piece on crowdfunding real estate last week that’s worth a read (for those interested in crowdfunding & investing in real estate).
One excerpt I took notice of:
Wall Street funds have also played a role in its three other New York projects, slated to open later this year. They’re part of what Prodigy Network is calling “The Assemblage,” coworking and co-living facilities geared toward what slick marketing materials refer to as “a community of individuals who believe the world is at the verge of a collective conscious evolution, transitioning from a society defined by individualism and separation into one of mutual interconnectedness.” The buildings will have short-term apartments, private offices, shared work areas, and lounges. A “plant-based juice and elixir bar” will also be accessible at each location.
For the crowd, the minimum investment for these projects ranges from $10,000 to $50,000; the three projects are expected to cost about $150 million. Roughly 1,200 investors from seven different countries will be co-owners, and the annual rate of return is projected to be between 12 percent and 16 percent. By focusing on coworking and co-living spaces, Niño is hoping to materialize his crowd-centric ethos into buildings, while also making a profit. “It’s the best of both worlds,” Niño says. “It’s the best of capitalism and the best of socialism.”
Crowdfunding coworking and coliving buildings is a compelling proposition to me because they are communities much more so than a traditional condo or apartment building (though some are working on changing that) — as yet another possible route to making home ownership accessible to a broader segment of the population. If anyone has any first hand experience with anything related to coworking/coliving crowdfunding, I’d love to hear from you.
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