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Investors Blow Top Off Fundrise's eREIT, Sells Out In Four Hours

Investors Blow Top Off Fundrise's eREIT, Sells Out In Four Hours

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]