Investors Blow Top Off Fundrise's eREIT, Sells Out In Four Hours
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Fundrise CEO Ben Miller says it took four hours for Fundrise’s new eREIT to be oversubscribed by 403%, at $21k/minute—crushing the site’s November sellout of a $1.6M condo in a little over two hours ($11k/minute).
Even Ben was surprised by the speed of investment, despite the 16,000 people on the eREIT’s waiting list, GlobeSt reports.
A November filing by Fundrise said the new eREIT would be one of the first non-publicly traded REITs offered only on the web to accredited and non-accredited buyers.
Because of the absence of broker fees, eREITs' investors save up to 90% on expenses compared to normal non-NYSE REITs. [GlobeSt]