1031 Crowdfunding, a tax-advantaged real estate investment platform, acquired two memory care and assisted living facilities for its ninth Delaware statutory trust offering.
The facilities are located in St. George and Lindon, Utah, and consist of 178 units. The 156,000-square-foot portfolio is currently 95.5% occupied and totals 156,473 square feet across 5.85 acres. The properties are located within a four-mile radius of local hospitals.
“As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” said Edward Fernandez, president and chief executive officer of 1031 Crowdfunding. “Senior housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see senior housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.”
The $30.5 million offering launched earlier this month and offers investors a cash flow of 5.24%. A minimum $25,000 investment is required.
The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016 and are operated by Avista Senior Living. Avista Senior Living is managing 16 similar facilities across five states.
1031 CF began offering multi-facility portfolios to provide investors with additional diversification. 1031 CF has senior housing facilities in seven states.
1031 Crowdfunding is an online marketplace where real estate investors can invest in 1031 exchange-qualified properties. The company has reportedly facilitated more than 1,500 1031 exchanges on behalf of investors.
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