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Exit update: Ann Arbor, MI apartment investment pays back successfully

The project generated an annualized return of roughly 7.6%¹, supporting consistent dividends for Income eREIT investors.

Oct 7, 2020

In March 2018, we provided a $4.9 million loan for the acquisition and renovation of a 38-unit apartment complex in Ann Arbor, Michigan. The business plan involved renovating the apartments to increase rental income.

Last month, the borrower refinanced the property and paid back our investment in full. We earned an annualized return of roughly 7.6%¹ over the life of the investment, which is consistent with the terms of our loan agreement.

Investor FAQ: How does this project impact your portfolio?

This investment was structured as debt, where the borrower must pay us a fixed rate of return before they can earn a return for themselves, and their equity provides us with a cushion against losses. Throughout the term of this investment, the regular income it generated supported quarterly dividends for the Income eREIT.

As always, if you have any questions or feedback, please visit our help center or reach out to us at investments@fundrise.com.

All updates on this asset

New acquisition: Apartment renovation in Ann Arbor, MI

Mar 30, 2018

Exit update: Ann Arbor, MI apartment investment pays back successfully

Oct 7, 2020

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1. Annualized return calculated using the internal rate of return (IRR) method.

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