Development

New townhouses underway off Central Avenue – with crowdfunding

Morningside Mews townhouses.
Morningside Mews townhouses.

A new townhouse project is underway off Central Avenue, funded in part with a relatively new mechanism: Crowdfunding.

The site on Lyon Court is just west of the intersection of Central Avenue and Morningside Drive. Bobby Drakeford, head of The Drakeford Company, said the development will total 25 units when both phases are complete. Work on the site started earlier this month.

The townhouses will be in the 2,000 square-foot range, Drakeford said. His company developed the site and Ryan Homes is building the project. The Drakeford Company specializes in urban, infill development, and has developed projects such as the 12-unit Plaza-Vu condominiums in Commonwealth and the 14-unit Grandin condominiums in Wesley Heights.

The development is funded in part via crowdfunding, with the support of Full Capital Stack. The service allows investors and developers to connect online, offering investors an easy way to invest in real estate projects online through a dashboard similar to what you’d see with E-Trade.

“As an investor, it’s simply like logging into your bank account,” said managing director Nikki Vasco. For developers, “It gives them the ability to solicit interest from outside investors.”

The service has funded another project in Charlotte, a 27-unit townhouse development in SouthPark. It’s limited to accredited investors, which means people with $200,000 worth of individual income or $1 million or more worth of liquid assets.

Ely Portillo: 704-358-5041, @ESPortillo

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