Real estate crowdfunding investment platform RealtyMogul just announced a new offering: Ascent, a 25-story building nearing construction completion in Milwaukee, Wisconsin, with an astonishing target internal rate of return (IRR) of 17.59%.
The total project cost is anticipated to be roughly $128.25 million. Ascent has 259 units and is verified to be the tallest mass timber building worldwide. The property is a Class A multifamily building and is seven months away from reaching cash flows on the same basis as investors that have funded the project from the beginning.
Investment Highlights: With national and worldwide coverage in the New York Times, Washington Post and Chicago Tribune, Ascent is at the forefront of one of the most fascinating movements in construction technology.
Ascent has more facilities per square foot and per unit than any of its competitors. The project is centrally positioned in East Town, with views of the lake on three sides and the city skyline from each unit. The lakefront, various parks and biking trails, the art museum, downtown's top grocery store, restaurants, cafes, nightlife, and Milwaukee's streetcar – The Hop – are all within walking distance.
Ascent offers an indoor pool deck with collapsible glass walls, a 360-degree common space, two outdoor terraces and a rooftop bar on the entire 25th level. The rooftop features panoramic views of Lake Michigan, outdoor lounge seats, an outdoor movie theater, fire pits and grills. Pet-friendly amenities include a pet spa and an indoor dog run.
The property's technical infrastructure has four service providers offering fiber to each unit, fiber-connected WiFi in all amenity spaces for residents and guests and smart home technologies.
- Minimum investment: $35,000
- Target IRR: 17.59%
- Target annual cash yield: 6.60%
- Target equity multiple: 1.74x
- Target investment term: 4 years
View offering details on RealtyMogul
Deal Sponsor: New Land Enterprises is a Milwaukee-based real estate development, acquisition and management company founded in 1993. The deal sponsor was the first to build market-rate new construction multi-family in the Third Ward, Brewer's Hill, Farwell Avenue and Riverwest.
In addition, New Land won 9 of the 11 RFPs in which it has competed. The firm now owns and maintains 1,636 apartments and 200,000 square feet of commercial space. New Land has also developed 27 projects in downtown Milwaukee, totaling over 2,000 units.
Want to be the first to know about new investment opportunities? While real estate crowdfunding is giving individual investors access to private deals that have historically been out of reach, many of the most lucrative deals are fully funded before the average investor ever has a chance to get involved.
Gain access to the same investment offerings on which institutions and billionaire investors are earning 20% to 30% or higher annual returns by signing up here for free alerts to find out about new offerings before they go live.
Photo: Courtesy of RealtyMogul
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.