Back in July, we posted about Fundrise, a real estate crowdfunding company that allows individuals to invest with as little as $100 in developing hotels, apartments, and residential homes. Fundrise's first investment in the Hamptons, this Westhampton Dunes bayfront house, attracted $1 million in capital from 64 investors. The five bedroom, 3500sf house is now for sale for $3.25M. Fundrise co-founder Dan Miller told us, "Giving individual investors a chance to access high-quality real estate is a core tenet of our business, and we're thrilled that we have been able to bring dozens of new investors into the hot Hamptons market." The house was built in conjunction with Chatham Development Company, the largest developer on Long Island. Will there be more crowdfunding in the Hamptons? Dan says yes. "We are extremely pleased with the success of the first-ever crowdfunded real estate investment in the Hamptons, and look forward to expanding our partnership with Chatham."
· 826 Dune Road [Realtor.com]
· Fundrise [Official]
· All coverage of Fundrise [CH]