RW Holdings NNN REIT Inc., a publicly registered non-traded real estate investment trust formerly known as Rich Uncles NNN REIT Inc., has purchased buildingbits.com, an online real estate crowd funding platform. Financial terms were not disclosed.
BuildingBITs, founded by Alex Aginsky of Aginsky Capital Group, claims to have pioneered the first Reg A+ offering approved by the Securities and Exchange Commission allowing accredited and non-accredited investors to purchase fractionalized interests of individual commercial real estate properties each held in share classes, called “Bits.”
“Our company, just like BuildingBITs, was founded with the goal to advance the ownership of commercial real estate by individual investors,” said Aaron Halfacre, chief executive officer of RW Holdings NNN REIT. “When the opportunity to join forces presented itself, we knew immediately that BuildingBITs was a strategic fit with our mission to further expand access to the real estate markets.”
In September, the REIT purchased the REITless Investment Platform, an online platform for commercial real estate investment offering, as well as its two Reg A+ investment offerings.
RW Holdings NNN REIT said that it intends to seek SEC qualification on an updated Reg A+ offering that combines elements from REITless and the original BuildingBITs qualified offering.
Aginsky intends to serve as a director on the yet-to-be formed board of the Reg A+ investment offering following the expected relaunch in early 2021.
RW Holdings NNN REIT was formed in 2015 to primarily invest in a portfolio of income-producing properties located in the United States, which are leased to creditworthy tenants under long-term net leases. As of September 30, 2020, the REIT’s real estate investment portfolio consisted of 42 properties in 14 states, including 16 retail, 14 office, and 12 industrial properties, and a 72.7 percent tenant-in-common interest in an office property. RW Holdings NNN REIT has raised $193.8 million in investor equity as of June 30, 2020.