This Midtown quadruplex is the first crowdfunding project from GROUNDFLOOR.

Real estate crowdfunding startup GROUNDFLOOR has launched in Atlanta giving investors real estate opportunities by backing independent developers.
Pat Gilroy, founder of RPG Holdings, is looking for investors to renovate a two-story quadruplex on Charles Allen Drive in Midtown.Plans for the property include adjusting the layout of the units to create four units. The interiors of the units will be stripped to the studs and completely renovated. The exterior will undergo a much needed face-lift. Rental rates are expected to range from $750 to $1,400 per unit per month based on area comparables.
Gilroy has 88 pledged investors with nearly $70,000 raised toward a $300,000 goal. Throughout the life of the loans, investors will be privy to confidential reports from the borrower on milestone achievements including construction progress and leasing performance.
For more information on GROUNDFLOOR and how to invest in the pilot project, visit groundfloor.us.

Collin Kelley

Collin Kelley has been the editor of Atlanta Intown for two decades and has been a journalist and freelance writer for 35 years. He’s also an award-winning poet and novelist.

4 replies on “Real estate crowdfunding startup launches in Midtown”

  1. Sounds like a local REIT. That is an interesting investment option as investors could literally drive by the project to check on the progress. Investors can feel like a rehabber without the splinters and headaches that often come with these projects.

    I am interested, however, in learning what type of returns are expected on the investment and if those returns are guaranteed in amount and date of receipt.

  2. Sounds like a local REIT. That is an interesting investment option as investors could literally drive by the project to check on the progress. Investors can feel like a rehabber without the splinters and headaches that often come with these projects.
    I am interested, however, in learning what type of returns are expected on the investment and if those returns are guaranteed in amount and date of receipt.

  3. Thanks for your comment, Simon. Unlike a REIT, investors get to decide into which specific properties their money is allocated. In the case of this Midtown project on Charles Allen, it’s currently offering 8.25% on a one-year loan that is secured by the property and improvements. The rate decreases as the funding increases.

    More information on the property is available here: http://www.groundfloor.us/investments/1.

  4. Thanks for your comment, Simon. Unlike a REIT, investors get to decide into which specific properties their money is allocated. In the case of this Midtown project on Charles Allen, it’s currently offering 8.25% on a one-year loan that is secured by the property and improvements. The rate decreases as the funding increases.
    More information on the property is available here: http://www.groundfloor.us/investments/1.

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