ATLANTA, April 24, 2014 (GLOBE NEWSWIRE) -- CrowdVested, a crowdfunding platform for commercial real estate, in conjunction with Atlanta-based developer Paces Properties, today is launching its first campaign. The project will be the first real estate equity crowdfunding offering in the Southeast open to both accredited and non-accredited investors.
Paces Properties seeks to acquire, renovate and lease seven largely vacant retail buildings on Glenwood Avenue at the heart of East Atlanta Village. The buildings total 26,000 square feet of retail and are partially leased to two long-term tenants. The remainder of the property is vacant and has suffered from recent mismanagement.
"We're excited to partner with Paces Properties for our first crowdfunding deal," said CrowdVested CEO Grady Thrasher. "Paces is a top in-town developer in Atlanta, responsible for great projects like Krog Street Market in Inman Park and the pending 250 Piedmont adaptive reuse in downtown. We love East Atlanta, and redeveloping this part of Glenwood Avenue will be a positive for the East Atlanta Village."
CrowdVested's platform acts as a host site for investors to securely invest with Paces Properties. Paces Properties seeks to raise a minimum of $250,000 through the campaign. Thanks to the Invest Georgia exemption, any Georgia resident can make an equity investment in the project for as little as $500 by logging on to CrowdVested's website.
"We couldn't be more excited to be the first crowdfunded real estate project in Georgia," said Paces Properties principal Merritt Lancaster. "We pride ourselves on being creative real estate developers, and we think this is a truly unique way to allow local residents who are passionate about urban development to participate in the process. We also are very bullish on East Atlanta, and in addition to this project will be developing 120 apartment units around the corner."
Georgia is one of only a handful of states in which all residents can invest in crowdfunding campaigns and receive equity. Across the country, crowdfunding mostly is limited to donations on sites like Kickstarter. Equity crowdfunding will eventually be available nationally, thanks to the JOBS Act, but the Securities and Exchange Commission has not yet approved necessary rules and regulations.
Thrasher decided to focus CrowdVested on commercial real estate because it gives everyday investors an opportunity to invest in and make a difference in their own communities.
"This campaign allows residents to invest right here in their own community," said Thrasher. "With real estate, people are able to see a tangible result for their investment and watch the project's progress along the way."
CrowdVested is a Georgia-based online crowdfunding platform dedicated solely to the Georgia real estate industry. It is an innovative new way for Georgia residents to invest in real estate projects here in our state. We are investment-focused and passionate about improving Georgia's communities. Our mission is to connect sponsors of great real estate projects with investors seeking not only a return on their investment but also a shared passion and vision for bettering our local communities. CrowdVested opens real estate investment up to all Georgians, restoring the input and influence local communities have historically enjoyed while broadening the investment opportunities available to everyone. No longer are project sponsors limited to seeking funding from distant institutions and the wealthiest in our society. Through our platform, Georgia-based companies can now sell equity shares to both accredited and non-accredited Georgia residents. Learn more at www.crowdvested.com.
About Paces Properties
Paces Properties is an evolving partnership originally founded in 1972. Paces specializes in the development, management and leasing of multifamily residential communities and specialty retail centers. The mission of the company, which has served to be a solid foundation through the real estate cycles of the last forty years, is: A commitment to creating distinctive, inspiring & well-crafted environments to live, work & shop. Paces is a well-capitalized company with a proven entrepreneurial spirit and excellent track record. Paces and its Principals have been involved in the development, management and construction of over 5,000 multifamily units and 250,000 square feet of retail, with the most recent project being the highly anticipated mixed use development that includes Krog Street Market and Stoveworks. For more information about Paces Properties, please visit www.pacesproperties.com.