1031 Crowdfunding closes DST senior housing portfolio as opportunity reaches full underwriting
This is the company’s 7th aged care facility investment offering
IRVINE, Calif., June 23, 2022–(BUSINESS WIRE)–CDC data shows the average life expectancy for Americans is now 77, after a steady increase over the past few decades. The increase in longevity causes Americans to think more about their living conditions as they age. As a result, the need for senior residences is increasing, providing real estate investors with more opportunities to own these residences.
1031 Crowdfunding (1031CF), a real estate investment platform, recently fully subscribed its 1031CF Portfolio 2 DST for $24,150,000. This is the second portfolio offered by the company this year. The offering was launched through 1031CF’s affiliate, 1031 CF Properties, LLC, on April 1, 2022, and was fully subscribed on June 22. Located in Columbus and Leesburg, Georgia, the 154 bed/unit portfolio has a combined occupancy rate of 91%.
“We are excited to close another portfolio and even more excited to provide more housing options for seniors,” said Edward Fernandez, president and CEO of 1031 Crowdfunding. “Retirement homes are much needed for our aging population, but they’re also a great way for investors to diversify their investments.”
Oaks at Grove Park and Oaks at Oakland Plantation are operated by Oaks Senior Living, LLC. The properties were completed in 2018 and 2019 and include two buildings located on over 16 acres. There are three full-service hospitals within six miles of the Columbus property and three within 25 miles of the Leesburg property. Based in Alpharetta, Georgia, Oaks Senior Living, LLC has over 25 years of experience developing and operating senior living facilities in Georgia and South Carolina.
This is 1031CF’s seventh senior housing DST. 1031CF fully underwrote its first multi-facility DST portfolio in Dallas-Fort Worth, Texas, and Oklahoma City, Oklahoma, in March 2022. Previously, 1031CF DSTs were single-facility investments. 1031CF has started offering multi-installation portfolios to provide investors with additional diversification.
About 1031 Crowdfunding
1031 Crowdfunding is an online marketplace where real estate investors can find, view and purchase a variety of available, turnkey, investment-grade properties. We introduce investors to 1031 exchange-eligible properties through Delaware Statutory Trusts (DSTs) to ensure that every 1031 exchange investor has the opportunity to complete a successful exchange.
For more information about 1031 Crowdfunding, visit www.1031Crowdfunding.com or call 844-533-1031.
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Grégory FCA for 1031 Crowdfunding