Fundrise, the real estate focused crowdfunding platform, has struck a joint venture (JV) with Insight Property Group and RSE Capital to invest $200 million each year in mostly value-add plays in the Washington, D.C., metro. Fundrise also recently started a joint venture with the founder of Landmark Residential, Joe Lubeck.
The first deal done by the newly formed JV is the $9.7 million acquisition of Canterbury Square Apartments in Alexandria, Va.; two more multifamily communities are under contract in Northern Virginia.
Insight development associate Tim White ... says the D.C.-based developer has been talking with the crowdfunding company for a long time and started seriously discussing the partnership about a year ago. He says Insight chose to work with Fundrise because of its team of strong real estate minds and because it didn't have much to do with the crowdfunding platform.
"They have their act in gear as far as underwriting and making good investment decisions," Tim says. "Although their fundraising activities may look different to the consumer, from my perspective it's not much different."
... the JV is searching for more value-add properties in the D.C. region, stretching its net from Richmond to Baltimore.