Crowdfunding platform Fundrise has launched a $500 million fund.
Fundrise Opportunity Fund targets office and mixed-use projects in low-income areas of designated “opportunity zones” under the new federal tax law, specifically in Los Angeles, Seattle, Washington, Atlanta, and the San Francisco/Oakland area.
The fund will hold a final close by the end of 2019.
According to the Washington Business Journal, Fundrise Opportunity Fund has started to invest its capital. Its first project is the restoration of a historic building in Northwest Washington, D.C.’s LeDroit Park neighborhood.
Fundrise was founded in 2011 to make real estate investing more accessible to smaller investors. Recently, it was named No. 35 in Inc.’s list of the 5,000 fastest-growing private companies.
