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Fundrise Partners With Georgia Avenue Project For First Residential Offering

  • September 30, 2013

by Shilpi Paul

Fundrise Partners With Georgia Avenue Project For First Residential Offering: Figure 1
3400 Georgia Avenue NW. Courtesy of Google Maps.

Crowdfunding facilitators Fundrise have partnered with the developers behind 3400 Georgia Avenue NW (map), the 100-unit project planned by Redbrick Partners.

Through Fundrise, interested investors can buy shares in the residential development, but they will be notably more expensive than the entry-level shares for Fundrise’s other projects: at $10,000 per share, the crowdsourcing firm hopes to raise $500,000. (The remaining capital for the project is described here.)

Murry’s grocery currently occupies the Georgia Avenue site, which is located a few blocks south of the Georgia Avenue/Petworth Metro station. Redbrick has plans to initiate a planned unit development (PUD) process in 2014, and to begin construction on the project in 2015. Delivery is estimated for 2016.

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This article originally published at http://dc.urbanturf.com/articles/blog/fundrise_partners_with_3400_georgia_ave_developers/7625

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