Summary List Placement
When Phillip Michael and his soccer star nephew Martin Braithwaite first started investing in real estate in 2016, the plan was simply to invest.
But the plan changed, as Michael, a Black man born and raised in famously egalitarian Denmark, saw the effects of the racial wealth gap in America, prompting the two to build a real estate crowdfunding company with a social mission.
NYCE Companies, the private holding company for commercial real estate that the two launched this January, offers shares of real estate developments to small-time investors, with the mission of helping create 100,000 millionaires of color by 2030.
Now, the company has entered into an almost half a billion-dollar deal, fresh off becoming the fastest real-estate company to sell $1 million in stock via the SEC’s crowdfunding offering, which allows non-accredited investors to invest directly into private companies.
The company is partnering with Texas-based developer LYND on $477.6 million of apartment deals, starting with the purchase of a $56.8 million 280-unit garden apartment complex in Fort Lauderdale, Florida. NYCE will offer shares of the properties on its platform, and LYND plans to partner with NYCE on all of its forthcoming deals.
“So many people are locked out of the American …read more
Source:: Businessinsider – Finance