Apartment real estate investment trust Impact Housing REIT announced this week its $35 million direct public offering under Regulation A+ has been qualified by the SEC. It is open for direct investment in the Series A equity round for a minimum of $1,000.
Impact Housing REIT was founded by Eddie Lorin.
“In my 30-plus years of experience in multifamily real estate, upgrading neglected properties and turning them into thriving communities has proven to enhance residents’ lives, increase retention and referrals, and reduce vacancy,” Mr. Lorin said. “When you give people a nice home and community that’s affordable, they tend to be happier. They stay, pay and refer their friends.
“This goes directly to our bottom line and has allowed us to deliver to our investors not only a good financial return, but also a good social return. It’s a win-win.”
Impact Housing plans to rehabilitate neglected buildings and transform them into family-oriented communities with new amenities, pools, fitness areas, parks and other attractions. They are also partnering with the HAPI Foundation (Healthy Apartment Property Initiative), a 501(c)(3) organization to provide free after school programming and health and wellness education to resident children and their families.
The technology is backed by CrowdStreet, which is also providing its network of more than 25,000 investors the chance to direct invest in Impact Housing REIT via the CrowdStreet Marketplace.
“The ability for Impact Housing to utilize new crowdfunding laws to circumvent the middleman and bring more efficient financial returns directly to everyone, regardless of income level or wealth, is remarkable to say the least,” Mr. Lorin said. “The more money raised through the Impact Housing REIT offering, the more we can meet the shortage of decent workforce housing that’s affordable in our country and deliver market rate returns to our investors.
“We are thrilled to partner with CrowdStreet in this initiative. CrowdStreet’s technology platform provides us with the confidence needed to both fundraise online at scale, and then effectively and efficiently manage the investors for the duration of their investment. The unique ability to solicit new investors, transact offers, and efficiently manage hundreds of subscribed investors, all using a single platform, makes CrowdStreet an essential part of this Regulation A offering.”