The 'eBay Of Real Estate' Makes First Deal
Acquire Real Estate facilitated the exchange of DoubleTree by Hilton Dallas-Fort Worth in its first fully automated secondary market crowdfunding investor exchange. The 282-room, eight-story DoubleTree is adjacent to the DFW Airport.
Acquire's Investor Exchange facilitates a blind auction process that enables a seller to identify a buyer, establish a value, generate the required documentation and consents, and—boom—exchange a property. It's kind of eBay for real estate. Though Acquire doesn’t charge investors to use the program, it does charge a fee for every investment made on the platform.
The seller specifies the terms of the auction and describes the investment. Investors bid on the opportunity based on the terms. If successful, the transaction amount remains undisclosed.
Acquire co-founders Gerry Polucci and Josh Klimkiewicz say the platform places high importance on liquidity. Josh says that while the Dallas investment is on track to meet its targeted 20% to 24% average return rate, the need for liquidity is one of the biggest concerns for interested investors.