Today, we’re celebrating a huge milestone — our first property exit! Members who invested in The Lex, a mixed-use apartment building in downtown Vancouver, are realizing a 22.89% return on their investment in less than 12 months (four years earlier than expected!).
We created addy to help break down barriers and make real estate ownership accessible to everyone. Our first building exit not only accomplished that goal, but exceeded expectations.
This is only the beginning of what’s to come, but it’s an incredible start.
The Lex was the seventh project we ever listed. It’s a mixed-use apartment building on Vancouver’s Granville Street — close to bars, restaurants and arts venues. It hosts a gorgeous mural collaboration by two artists, Jarus and Marcelline Siu, and it’s home to a Subway, a nail salon and 45 apartment suites.
When this property dropped around this time last year, 920 members recognized it as a good opportunity. For as little as $1, they bought into the General Partner’s plan to hold the property, generate cash distribution and eventually profit from its future sale. The exit came 4 years sooner than expected and led to a higher annualized return! Now that the whole building has been sold, addy members will see 22.89% return on investment (ROI).
Here’s what that looks like if you invested $1,500:
Our members went in on this property together, had someone else manage the building on their behalf, and are now earning passive income from a property that’s outperformed projections.
It’s unreal watching addy do exactly what we intended it to: give people who felt locked out of the market a way to participate and invest in their community. This proves real estate investing is no longer reserved for those with tons of money.
With 26 properties listed (and counting) I can’t wait to see what comes next and I’m grateful for our passionate members. Now, with our addy app for iOS and the addyverse, our members aren’t just seeing their cities actually grow with every investment with the tap of a finger –– they are also seeing the benefits of leveraging crowdfunding and the sharing economy to take ownership in institutional-grade commercial real estate properties. Simply put, they’ve realized being a property owner doesn’t mean they have to live where they’ve invested.
It goes to show that investing with the collective pays off.