In March 2019, we invested $5.8 million in the construction of Mosby University City, a 309-unit apartment community in Charlotte, North Carolina.
Today, we’re pleased to report that construction is progressing as scheduled. As you can see in the video, the clubhouse and three residential buildings are beginning to take shape. As structural work wraps up on each building in the community, the sponsor will install windows and siding. At the same time, foundations are in place and structural work is just beginning on the remaining residential building.
We anticipate the completion of construction in early 2021 and look forward to providing you with additional updates as this project moves forward.
Investor FAQ: How does this project impact your portfolio?
This investment is structured like debt, where we are entitled to a fixed rate of return — in this case, 11% annually — before the project's sponsor 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 generates supports quarterly dividends for the Growth eREIT II.
As always, please don’t hesitate to reach out to investments@fundrise.com.
