Crowdfunding platform lists apartment complex
A crowdfunding platform is offering real estate investors a stake in an apartment complex in the area.
The Grand Rapids-based real estate startup Loquidity said last week that it has listed a 16 unit, two-building apartment complex in Allendale, at 6425 Mista Dr.
The investment will “only be funded if at least $285,000 is committed by Oct. 15,” according to the property’s web page.
The minimum investment is $5,000.
Loquidity said verified, accredited investors in the deal will acquire shares of Loquidity (Mista-Way), LLC.
The deal’s sponsors — Loquidity’s co-founders, Jesse Clem, CEO, and Joe Elias, COO — will be the guarantors of the loan the company obtains for renovations.
The building is fully occupied and three miles west of Grand Valley State University.
Clem said the pair sees "a great opportunity in this undervalued property.”
“The primary objective of this investment is to acquire, renovate, operate and sell the property in five years,” the page says.