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| Grady Thrasher |
ATLANTA, GA (April 24, 2014) – 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.
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| Merritt Lancaster |
“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.”
For a complete copy of the company’s news release, please
contact:
M.C. Rhodes •The Wilbert Group
1720 Peachtree St., Suite 350 • Atlanta, Ga. 30309
O: 404-343-0274 • M:
678-983-5867
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