Fundrise Launches Amazon HQ2 Fund After Speculatively Buying 30 D.C.-Area Properties
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Fundrise was one of many to correctly predict Amazon would select the D.C. area for its second headquarters — it picked Northern Virginia Tuesday as one of two locations — but the crowdfunding investment platform put its money where its mouth was.
The company said it acquired 30 D.C.-area residential properties in anticipation of Amazon HQ2 coming and has now included them in a fund it is launching that aims to allow investors to capitalize on the expected growth in housing prices in the area following Amazon's move.
“The launch of the HQ2 fund is well positioned as part of Amazon’s announcement, and intends to make investing in real estate as easy as buying a book on Amazon,” Fundrise CEO Ben Miller said in a release. “For all the people who wanted to invest in property next to or near Amazon’s newest headquarters, this tool is the simplest way to do it — with a model built around low costs and smart technology.”
The fund, called HQ2 DC eFund, plans to invest as much as $50M in residential properties throughout the D.C. area. Fundrise also launched a fund in August to take advantage of the Opportunity Zone Program, which offers tax benefits to investors who put money in selected underserved areas.