Conventional wisdom says that real estate investment is only for those with a lot of money to risk. But what if you could invest in a property for as little as $1?
A Vancouver tech company, addy, has purchased an interest in the Kimbrook apartment building in Kimberley. The building recently changed ownership. Addy is offering crowd funded investment opportunities in a piece of the building and you can invest up to $1500. This will be the eighth property addy has sold in this way. They have done an apartment building in North Vancouver, another on Granville Street, one in Chilliwack and two in Toronto.
This is their first move into a more rural area. And they are offering the investment opportunity to Kimberley and area residents first before they open it up to a wider investment pool. There are 350,000 units ($350,000 worth) available for purchase. Investors put up to $1500 into the property and will receive an annual dividend with a 13.5 per cent internal rate of return.
The Kimbrook is a 57 unit apartment building on Warren Avenue in Kimberley. It has constant occupancy and a waiting list for apartments.
According to addy, the plan is to put $550,000 in exterior and interior upgrades to the building, and on natural turnover, upgrade the apartments and bring rent up to market.
Addy doesn’t charge any fees you’d find in typical real estate transactions. Instead, for $25 per year, you get an all-access pass to every investment opportunity that addy offers.
See the video below for an interview with the general partner on the project:
If you are interested in learning more go to https://www.addyinvest.com/kimberley/