Real estate crowdfunding platform RealtyMogul.com announced on Tuesday it has closed an $860,000 equity investment for a 23-unit multifamily property in Plainfield, New Jersey, which is located just 25 miles outside of New York City.
According to the website, the property is 100 percent-occupied apartment building and is located near the commuter hubs of New York City and Newark, New Jersey. It is also in close proximity to employment centers and public transportation and is surrounded by numerous multifamily drivers.
Investors of RealtyMogul.com were offered the opportunity to help finance the acquisition by contributing equity capital. Jilliene Helman, CEO of the website, stated:
“This property offers in-place cash flow as well as value-added opportunities that will come through renovation. The sponsor’s forward-looking approach, coupled with the property’s upside potential, makes this a prime opportunity for our savvy investor base.”
The sponsor for the acquisition is Clairmont Group LLC, a New York based diversified real estate company that is engaged in acquisition, development, management and advisory services. Founder and managing partner of the company, David Lubin, noted:
“We are excited to work with RealtyMogul.com as our capital partner and are looking forward to working with them on many deals in the future. Our goal is to identify unique opportunities for our investors that offer capital preservation with attractive risk-adjusted returns and create long-term value through execution and hands on management in a strong New York metro market.”
Helman added:
“Our investors are clearly demonstrating an appetite for access to high-growth sectors and markets, and we’re proud to deliver such opportunities.”
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