In October 2017, we invested $10.5 million in the construction of 13 new homes in Angelino Heights, Los Angeles, with expansive views of downtown and Dodger Stadium. Today, we’re pleased to report that significant progress has been made on the project, with foundations in place and structural work advancing to the second floor.
The project is moving along despite initial permitting delays. Framing is expected to wrap up later this summer, at which time the sponsor can begin to install windows and siding. We expect the completion of construction by the end of this year.
Investor FAQ: How does an individual project impact your portfolio?
This investment is structured like debt, where the project’s sponsor must pay us a fixed rate of return — in this case, 8.5% annually — before they can earn a return for themselves, and their equity provides us with a cushion against losses. Throughout the term of the investment, the regular income it has generated has supported quarterly dividends for the West Coast eREIT.
We look forward to providing you with additional updates on this project. As always, please don’t hesitate to reach out to investments@fundrise.com.
