Atlanta-based real estate mogul Jay Morrison recently launched a new real estate crowdfunding program, and it’s finding some strong early success, having raised nearly $10 million in its first week.
The Tulsa Real Estate Fund is described as “the first African-American owned Regulation A+ Tier II crowdfund designed to revitalize urban communities across the U.S.” According to the group’s press release, the Tulsa Real Estate Fund “allows both accredited and non-accredited investors to collectively invest and own real estate projects around the country that are unique, diversified, and yield a reasonable rate of return.”
The Fund is seeking to raise as much as $50 million in equity capital during its initial public offering, which launched on June 1 and raised $8 million in its first weekend alone. By the end of the first full week, that number hit $9.6 million.
"Tulsa Real Estate Fund was created for the sole purpose of the revitalization of urban communities across America, as well as a means for working class people to own shares and equity in a portfolio of real estate assets that will combat gentrification," said Jay Morrison, CEO and Manager of the Tulsa Real Estate Fund.
As described in the press release, the Fund will work to “perform comprehensive redevelopment of both people and real estate in key urban areas” and allow for “socially conscious individuals and financial institutions the opportunity to invest in the people and real estate in local communities that matter most to them.” Projects will include single-family, multifamily, commercial, and agricultural projects.
"Tulsa Real Estate Fund is the perfect economic vehicle for the urban community to collectively pool its more than $1.3 trillion in spending power to effectively control and revitalize our neighborhoods," Morrison continued. "With the current tone in Washington, D.C., urban neighborhoods across the country will not have control of their dollars, real estate, or small businesses for the foreseeable future. As a result, urban neighborhoods across the country are being redeveloped by individuals who do not have the best interests of the community in mind, which often leads to the displacement of longtime residents due to increased property values, thus making the cost of housing in our communities unaffordable. We believe Tulsa Real Estate Fund is the solution to this rapidly growing problem."
You can view a short video explaining the Fund below.