920 addy Members invested in The Lex located at 1249 Granville Street in Vancouver, BC have shared a total gross distribution of $464,000+ to-date
VANCOUVER, BC, April 22, 2022 /CNW/ - addy, a Vancouver-based proptech start-up that is breaking down barriers to real estate ownership, today announced that addy (1249 Granville St) Corp. has issued its largest distribution in addy Group history. Members invested in the property located at 1249 Granville Street in Vancouver, BC known by many as The Lex, have shared four distributions to-date with the largest and most recent one amounting to $253,000*, for a total of $464,000+* in distributions for members.
"PURE Lex GP LTD. has been an incredible partner on The Lex project and have done an outstanding job of managing this asset on behalf of our members," said Michael Stephenson, Co-Founder & CEO of addy. "This was the seventh project listed on our platform and we're thrilled that this income producing property is outperforming projections and providing passive income to the 920 addy members invested in this project."
1249 Granville Street, nicknamed The Lex, is a 45 strata-titled apartment building with 2 commercial units in Vancouver's downtown core. This building features an iconic mural that is a collaboration between two artists, Jarus and Marcelline Siu.
The property was listed on addy's platform on May 14, 2021 and sold out to 920 addy members. The plan for this property was to hold it to generate cash distributions and then generate a profit from its future sale over an estimated 5-year term. The project is ahead of schedule and generating higher rates of return than initially projected.
"This is the second of seventeen properties that I own through addy, and it's been such an awesome experience not only to have access to this property and other properties in multiple provinces and sectors across Canada, but also be invested alongside over 900 other Canadians," said Wilson Polk, Film Industry Technician, and addy member since May 11, 2021. "Growing up and working in Greater Vancouver, the idea of being able to own a piece of investment grade real estate in this city always seemed out of reach, but the addy platform is a terrific way to access that space, and really the only way that made sense for me. I'm excited to collect more addys and diversify my portfolio further."
addy provides access to invest into institutional-grade commercial real estate (e.g. entire apartment buildings, commercial complexes and business parks). These are deals that are generally not available to the average Canadian, they simply trade from one wealthy individual to another and are never listed publicly. addy's real estate team unlocks access to these hard-to-reach deals, puts them through a very rigorous due diligence process, and those that qualify are then made available on the addy platform.
In order to be listed on the platform, the investment opportunity is broken out into investment increments valued at $1. For example, a $1,000,000 equity slice is divided up into 1,000,000 shares; and shares in the property are available to qualified members on addy's platform. Members can decide how much they want to invest.
addy has listed 25 properties and counting on the addy platform and has raised over $10 million from thousands of Canadians, with a total asset value of nearly $500 million. Residents of Alberta, British Columbia, Ontario and Quebec over the age of the majority can become an addy member for $25/year.
To learn more about addy, become a member, and invest in real estate, visit addyinvest.com or download the iOS app (Android version coming soon). If you're already a member, refer a friend to the platform and you both will earn $25 in your addy wallet to put towards investments.
addy Technology Corp. ("addy") is a proptech company on a mission to enable every human to own property. addy enables Canadians to invest in real estate for as little as $1. addy was founded in 2018 by a team of real estate and technology entrepreneurs and is headquartered in Vancouver, BC. To learn more, visit: addyinvest.com or download the iOS app in the Apple App Store. You can also join the @addyinvest community on Discord, Facebook, Twitter, YouTube, LinkedIn, TikTok, and Instagram. Tune in to The addy Podcast on iTunes and Spotify.
The information provided herein is for informational purposes only. It does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities. It should not be considered financial or professional advice. You should consult with a professional to determine what may be best for your individual needs.
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "intention", "will", "may", "can", and similar expressions are intended to identify forward-looking statements. Although addy believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since addy can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and addy does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
SOURCE addy Technology Corporation
For further information: Katie Kernahan, [email protected], 1 (833) 462-9888