RW Holdings NNN REIT Inc., a publicly registered non-traded real estate investment trust formerly known as Rich Uncles NNN REIT Inc., has completed the acquisition of the REITless Investment Platform, an online platform for commercial real estate investment offerings.
In a letter to shareholders, RW Holdings said that the acquisition of REITless will allow it to add new investment choices to its platform, with all the management fee revenue from those products going to the REIT.
“NNN investors are able to not only benefit from rental income and investment management revenue, but also any future increases in our [net asset value] as we pursue an industry consolidation strategy to create future growth,” the REIT added. “We anticipate similar strategic announcements in the future.”
REITless currently has two qualified Regulation A+ offerings for individual investors, including The REITless Income Strategies LLC and the REITless Opportunity Zone Strategies LLC. The platform was founded by North Capital, a provider of transaction technology and brokerage services for private offerings.
“We believe we are now entering a phase where we will see significant consolidation as industry participants reach maturity in terms of their growth capacity and the limits of their balance sheets,” said Aaron Halfacre, chief executive officer of RW Holdings NNN REIT. “We believe we are uniquely qualified to be a consolidator of the non-listed real estate product industry, given the combination of our deep understanding of both the crowdfunding and real estate markets and the strength of our shareholder-owned, self-managed business model.”
NNN intends to update the REITless funds in early 2021.
RW Holdings NNN REIT was formed in 2015 to primarily invest in single-tenant income-producing properties located in the United States. As of June 30, 2020, the REIT’s real estate investment portfolio consisted of 45 operating properties, a 72.7 percent tenant-in-common interest in an office property and one parcel of land. RW Holdings NNN REIT has raised $193.8 million in investor equity as of June 30, 2020.