Impact Housing REIT LLC, a new apartment real estate investment trust led by Edward P. Lorin, a 30-year multifamily real estate veteran, recently revealed that its $35-million direct public offering under Regulation A+ has been qualified by the Securities and Exchange Commission and is now open for investment.
According to a prepared statement, all investors – accredited and unaccredited, domestic and international – can invest directly in Impact Housing REIT Series A equity round for as little as $1,000.
Poor housing conditions due to a rising economy, extreme weather conditions, and poverty is affecting our health, quality of life, and country, as a whole. Impact Housing is the first REIT in the country using the new equity crowdfunding laws to focus on America’s housing crisis, specifically on creating affordable, livable, distinctive multifamily communities for America’s working people and their families. Click here to watch the Impact Housing video.
Employing a strategy that Lorin has refined over decades, Impact Housing plans to buy neglected, poorly managed apartment buildings throughout the U.S., and transform them into thriving, healthy, family-oriented communities, the release says. Upgrades typically include new amenities, refreshed and upgraded interiors, resort style pools, playgrounds, state-of-the-art fitness centers, BBQs, dog parks, community gardens and open space social areas. Click here to view our Property Gallery.
In addition, Impact Housing is partnered with the HAPI Foundation (Healthy Apartment Property Initiative), a 501(c)(3) organization, and together, provide FREE afterschool programming (including a free healthy meal when possible), health and wellness education to the resident children and their families. To see our impact with HAPI, click here.
Eddie Lorin, Founder of Impact Housing REIT, commented, “In my 30+ 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. 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.”
The technology enabling this online investment offering is backed by CrowdStreet, a leading provider of real estate fundraising and investor management solutions. In addition, CrowdStreet is providing its established network of over 25,000 investors the ability to directly invest in Impact Housing REIT using the CrowdStreet Marketplace at https://www.crowdstreet.com. Impact Housing REIT marks the second real estate investment opportunity open to CrowdStreet’s entire network of investors, both accredited and unaccredited.
Impact Housing REIT is not your typical startup, the release notes. Prior to launching Impact Housing REIT, Eddie’s team, acting as either Principal or Advisor, has transformed over 40,000 apartment units into safe, quality homes for hard-working individuals and families. Their prior portfolios consistently demonstrated “full” occupancy levels. By implementing value-add improvement plans, the team has achieved, on average, 95% stabilized occupancy upon completion of renovations on new acquisitions, and attribute success to a variety of factors including and most notably, strong local relationships with real estate brokers, servicers, lenders, and property managers.
Lorin added, “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. 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.”
Tore Steen, CEO of CrowdStreet, commented “We’re excited to partner with Impact Housing on the launch of the Impact Housing REIT offering, and expand the availability of social-responsible investments to investors of all types. We look forward to making this investment offering visible, accessible, and actionable to more than 100 million eligible U.S. investors.”