Vancouver proptech startup addy has ventured into the affordable housing with the purchase of a 96-unit property in Hamilton, dropping tomorrow.
addy believes in real estate for everyone with a crowdfunding platform that breaks down traditional barriers to real estate investment. As an addy member, you can invest in properties across Canada for as little as $1, enjoying fractional ownership without any work and a possible return on your investment.
Located in Hamilton at 405 Main Street West, the plan for addy’s first foray into affordable housing is to develop a 96-unit, 100% affordable multifamily property, which will feature a mix of affordable and deeply affordable social housing with a primarily societal benefit to the city of Hamilton. If you would like to sign up to addy to invest in this property and more, click here.
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addy’s goal is to provide a place to live for those on the lengthy affordable housing waitlist.
A return of capital is estimated in year 2, with annual distributions estimated starting in year 4 and continuing for as long as the General Partner (GP) owns the building. That being said, the prospectus states that the GP on this deal has no intention to sell the property.
“This 100% affordable housing development in Hamilton is the first property available on the addy platform with a primary societal return whereby 96 households will be taken off the affordable housing waitlist, and put into much needed housing, “ Michael Stephenson, Co-Founder & CEO of addy, told Techcouver.
”These units will be offered to seniors with disabilities since there are accessible units, immigrants, single mothers and students. Members who invest in this development will help to make a meaningful impact on the community and support us in our goal of achieving a triple bottom line across all of our properties.”
addy focuses on institutional commercial grade real estate investments, properties that generally range between $3,000,000 and $75,000,000 and available to the exceedingly wealthy with past properties including mixed-use buildings, apartment complexes and even an RV Resort.
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