Texas-based tech platform OwnProp has expanded into Atlanta with the tokenization of a southwest Atlanta apartment community.
The garden apartments are located at 1870 Myrtle Drive SW. Courtesy of Google Maps.
Using blockchain technology, the proptech company allows investors to purchase stakes in the 130-unit Harmony Plaza I & II community for $100 per token. OwnProp has already closed funds for the tokenization of two apartment complexes, a hotel and an office building in Austin and has an open fund for an office property in Houston, another new market.
“Having successfully tokenized Austin’s first property and now proven market by closing multiple fully funded offerings, it’s no surprise that OwnProp is growing nationally,” said Peter Rex, founder and executive chairman of OwnProp’s parent company, Rex. “With high investment minimums and illiquidity, the most lucrative real estate investments are out of reach to 92% of potential investors, but OwnProp is changing that.”
According Harmony Plaza’s listing page, the property, located at 1870 Myrtle Drive SW, was acquired with rents 20% below market rate and stands to benefit from renovations of 78% of the units. As an investment, the property carries an equity multiple of 2.06x, meaning every $1 invested could potentially generate $2.06, OwnProp said.
The garden-apartment property, which was built in two phases in 1960 and 1963, last changed hands in November 2020 when a New Jersey-based entity purchased it for about $11.4 million, according to Fulton County records.
OwnProp says it plans to further expand in the Southeast before the end of the year.
The garden-apartment community was built in two phases in 1960 and 1963. Courtesy of Harmony Plaza.
The post Blockchain firm tokenizes Atlanta apartment complex appeared first on Atlanta Agent Magazine.