Commercial real estate crowdfunder Realty Mogul says it’s pooled money from accredited investors that will be used to renovate 141 apartment units in a five-building complex in Los Angeles’ Baldwin Hills neighborhood.
The buildings will be acquired by a consortium led by principals of Crawford Park Financial and Apts Mgmt LLC.
“This kind of property — available at below replacement cost, in need of some renovation but located in a supply-constrained market — is a focus of our company,” Mark Crawford, president of Crawford Park Financial, said in a statement.
Realty Mogul — one of 13 companies in the inaugural class of the Inman Incubator program — says it has funded $85 million in properties to date. Source: prnewswire.com.
