RealtyMogul.com, the online marketplace for real estate investing, has closed on funding raised through its online crowdfunding platform that will help acquire The Palms apartments at 10471 Three Rivers Road, Gulfport.
The 240-unit apartment community was purchased for $10.7 million and RealtyMogul.com raised $1 million of the equity needed for the acquisition, the company said in a press release.
"We are excited to partner with MMI Capital Partners on this acquisition," said Jilliene Helman, CEO of RealtyMogul.com. "The sponsor will manage the purchase of the property, supervise the renovations and will manage the investment property. RealtyMogul.com investors will be equity stakeholders and potentially earn a share of the cash flow and asset appreciation."
The sponsor, MMI Capital Partners, plans to upgrade 76 units during the first two years of ownership. Among the enhancements planned are refinishing the kitchen and bathroom counters, updating the cabinets and installing vinyl wood-plank flooring in the kitchen, dining areas and bathrooms. Plans for common area improvements include exterior paint, an outdoor kitchen and a new playground.
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MMI Capital Partners has managed more than 1700 units across 13 properties in the Gulfport market.