The Cornerstone is the second property to exit on the addy platform!
Today, we’re celebrating another amazing milestone — the second property exit on the addy platform! Members who invested in The Cornerstone, an office-to-residential complex, are realizing a 15% return on their investment in less than 5 months (two and a half years earlier than expected!). All investors will receive the full return of their capital, along with the expected profits, by November 16, 2023.
Check out the distribution happening live:
We created addy to help break down barriers and make real estate ownership accessible to everyone. Our second exit furthers this goal!
The Cornerstone was the 30th property listed on our platform and the project was an initiative focused on transforming a vacant ten-floor office building into a residential complex. Situated at the intersection of 5th Avenue SW and 8th Street SW in the west end of downtown Calgary, the property is strategically located.
When this property dropped in June of this year, 801 members invested an average of $617.98. For as little as $1, they bought into the Issuer’s plan to to convert the 10-floor office tower into 112 family-oriented apartments spread across eight floors, the second floor as a co-working space while the ground floor will continue to serve as a retail area.
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 so exciting to continue 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 37 properties in total on the platform so far, we can’t wait to see what comes next. We’re so grateful for all our passionate members and Issuers.
The best way to discuss this exit is on our Discord server! Connect with other Cornerstone investors, discuss the outcome and learn what people’s plans are for the returns.
An excellent result. I made an annualized rate of return right around 40%. Thanks to the GP and Addy teams.