I was out with my children having dinner on a Friday night, our deal was launched on a Friday afternoon and I was watching my cell phone. We began to see these subscriptions come in and shared with the kids, "You wouldn't believe what dad's done and what's happening, here we are raising money as we are sitting here having a Friday night dinner."
We launched it on a Wednesday at about 11:30am. The total capital that we were raising was a little over $1.6 million and it was fully subscribed in 45 minutes. Plus some, there's a big waiting list. We were just shocked that $1.6MM would come in and in less than an hour, it was just remarkable.
The one thing that's surprising is we don't hear that much, other than when we sell an asset and get the "that a boys!".
Overall, it's a pretty quiet process. RealCrowd makes the process real smooth. RealCrowd handles all the accreditation. They stay with the investors through the entire process. They help facilitate the collection of the capital contributions from the investors.
It's really one-stop shopping.
The Woodmont Company is a national commercial real estate company headquartered in Dallas/Fort Worth with offices in both cities, and also multiple out of state offices. It has been designated as an Accredited Management Organization (AMO) through the Institute of Real Estate Management (REM) and presently manages approximately 26 million square feet of retail shopping centers, enclosed regional malls and outlet centers in 24 different states. Recognized as one of the leading retail service providers in the country, Chain Store Age has ranked The Woodmont Company as the 4th fastest growing retail property management company in the United States for the past three years. The Woodmont Company operates as an inter-disciplinary organization with a multi-tiered cohesive team approach for every transaction utilizing an integrated group of seasoned commercial real estate experts in the fields of Asset/Property Management, Construction Management, Development, Investment Sales, Landlord Representation, Receivership Services, Third Party Representation and Tenant Representation, and they offer valuable consulting and market analysis services.
A ground up development of a Kiddie Academy Early Childcare and Educational Facility which is deemed to be an essential use.
This property was located in a core market with a 5 mile population exceeding 650K and incomes over $135K.