|Current Ann. Return||0.0%|
|Accrued Ann. Return||+
|Gross Ann. Return*|
|Current Ann. Return||0.0%|
|Accrued Ann. Return||+ 10.0%|
|Gross Ann. Return*||10.0%|
|Term Remaining||0 of 60 mo.|
|Security Type||Preferred Equity|
The property is located within walking distance of the Petworth Metro stop in Washington, DC in a neighborhood that is experiencing rapid growth. The property consists of 15,480 square feet of land and an 8,500 square foot single story building. The site is currently leased to Murry’s, a regional grocery chain operator, whose lease will terminate prior to construction commencement.
There is a $1.1 million senior loan on the property, approximately 30% loan to value based on estimated current land value. The current rent covers the current interest payments of the loan.
|Gross Annual Return*||10.0%|
|Capital Senior to Fundrise||1-49%||1|
|Capital Junior to Fundrise||40% or more||1|
|Sponsor’s Track Record||$50-249 million||2|
The information contained in the Fundrise Rating is for informational purposes only. It is impersonal and not individualized for any specific investor's financial situation and is not investment advice. These ratings are not intended to be, nor should you interpret them to be, a prediction of how a particular investment will actually perform. You should always carefully consider investments in any security and be comfortable with your understanding of the investment. You may also consider consulting investment professionals.
|Type||Source||% of Total||Amount|
|Preferred Equity||Private Investors||26.3%||$920,000|
|Preferred Equity||Fundrise Offering||4.3%||$150,000|
In the summer of 2011, 3400 Georgia Avenue Investments LLC purchased a 15,480 square foot site located ¼ mile from the Georgia Avenue Metro Station, ½ mile from Columbia Heights Metro Station and ½ mile from the Washington Hospital Center. The property is currently improved with a Murry’s grocery store and surface parking.
Following completion of a PUD process, we plan to build a 70,000 to 75,000 GSF mixed-use project consisting of 5 stories of residential units over ground floor retail and one floor of underground parking.
|Address||3400 Georgia Avenue NW|
|City & State||Washington, DC|
|Product Type||Mixed-Use / Residential & Retail|
|Project Phase||Value-Add / Reposition|
The Georgia Avenue / Petworth corridor is seeing what we consider to be a significant amount of new investment, and we believe may become the next "hot" neighborhood in DC, and may be especially appealing to young professionals.
Redbrick is a residential real estate investment management and development firm. Founded in 2002, Redbrick specializes in opportunistic and value-added residential, multifamily and mixed-use projects with a focus on the Washington DC metro market.View full profile