Miami,FL (PRWEB) August 25, 2015
EarlyShares, the leading real estate crowdfunding platform that gives accredited investors direct access to commercial real estate opportunities, has launched an equity investment offering for East 3rd Street, a Manhattan investment opportunity from Magnus Capital Partners. The deal, featuring 14.46% estimated investor IRR and 7.0% preferred return, gives EarlyShares investors access to the off-market acquisition and rehab of two multifamily buildings in New York City.
Magnus Capital Partners (Magnus) is a real estate investment management firm that has been involved in $200 million of successful investments in New York, Los Angeles, and Houston. Magnus is in the final stages of an exclusive, off-market negotiation to acquire the two contiguous buildings on East 3rd Street in the East Village neighborhood of Manhattan, containing 47 residential units. The total equity is $9,184,582, of which $8,724,582 is available to investors on EarlyShares. As sponsor, Magnus is contributing $460,000.
Magnus has underwritten a business plan designed to reposition the buildings as upmarket rentals by adding convenience and luxury amenities. Additional value-add opportunities include duplexing ground floor units, creating units with private garden access, and adding bedroom/bathroom count to further boost NOI.
Accredited investors who are interested in learning more or reviewing Magnus’ plans for the properties should click here and request access to the investment offering.
“East Village real estate is hard to come by, especially at the off-market price point at which our firm is poised to close on the East 3rd Street properties,” said Vishal Arora, Managing Principal of Magnus Capital. “Given that in-place rents at the site are currently around 27% below true market value, we’re confident that we can increase rental revenue through unit upgrades, rent roll optimization, and the addition of new amenities.”
“We’re thrilled to be giving accredited investors across the U.S. access to Manhattan real estate by hosting Magnus’ new deal on EarlyShares,” said Joanna Schwartz, co-founder and CEO of EarlyShares. “Magnus has a strong history of earning investors returns in similar transactions, and we look forward to helping them welcome new investors into their community through this exciting offering.”
To browse all current investment opportunities on the EarlyShares platform, click here.
Under current SEC regulations, only accredited investors who are registered users of EarlyShares are able to invest in East 3rd Street and other opportunities on EarlyShares. Interested investors can sign up here and fill out an accreditation questionnaire to determine if they are eligible to invest.
EarlyShares is the trusted real estate crowdfunding platform that gives accredited investors direct access to vetted, return driven investments in commercial real estate. Under new securities regulations, EarlyShares streamlines the processes of real estate investing and capital raising to make them more accessible, transparent, and data-driven. Thousands of investors are seeking to invest nearly $300 million on EarlyShares in the next 12 months. For more information or to join the ‘Future of Investing,’ visit EarlyShares.com.
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