Wednesday, April 2, 2014
AssetAvenue Launches Real Estate Crowdfunding Platform
Los Angeles-based Asset Avenue has launched a new, crowdfunding site focused on commercial, real estate investments, the company said this week. According to the startup, its online marketplace lets potential real estate investors access to pre-vetted investment opportunities across the country. The company said it has already completed its first deal, a $485,000 investment round to acquired a commercial real estate loan backed by office space in New York's Trump Palace. AssetAvenue is led by David Manshoory and Kevin Arrabaca. Manshoory was the founder of 1 On 1 Academic Tutors, and also was founder of Momentum Capital Partners, a real estate investment fund. Arrabaca previously funded a real estate fund that acquired distressed properties in Southern California; he also has served at Colony Capital, Lehman Brothers and Houlihan Lokey. Crowdfunded real estate investment sites are coming out of the woodwork this week; just last week, another, local, crowdfunding site focused on commercial real estate--Realty Mogul--announced a funding from Canaan Partners.