January 21, 2015: Called Olympus Fund IV, the fund consists of three Class A multifamily assets in Texas and New Mexico with two to three additional multifamily properties expected to be added this year.
By listing on CrowdStreet, Olympus Property aims to raise $18.4 million from accredited investors as part of a joint venture equity investment. Olympus Fund IV has an internal rate of return target of 12 percent to 13 percent and an annual cash distribution target of between 6 percent and 9 percent.
“We are excited to partner with Olympus Property to launch our first multifamily fund to our investor members,” said Tore Steen, CrowdStreet’s CEO. “This demonstrates CrowdStreet’s continued pursuit of high-quality opportunities and our ongoing effort to enable our investor members to diversify their portfolios with commercial real estate.”
Olympus Fund IV provides CrowdStreet investors the opportunity to have direct ownership in a pool of Class A multifamily assets. The combined quality of both the fund assets and the sponsor, offered to CrowdStreet investors at a $25,000 minimum investment, marks the next step in the evolution of online commercial real estate investing.
“Olympus believes in the future of online commercial real estate investing and we are thrilled to team up with CrowdStreet for our first online fundraising experience,” said Chandler Wonderly, principal at Olympus Property.