Elevate.Money adds a new property to its portfolio and user base grows
NEWPORT BEACH, Calif., Aug. 17, 2022 /PRNewswire/ — Elevate.Money (Elevate), the real estate investing app for millennials which offers fractional investments in a portfolio of income producing commercial properties, has purchased a Shell branded fuel station and Pops Mart branded C-store in Columbia, South Carolina for $1,908,000. The purchase was made directly from the owner with a new 20-year lease. The address is 538 St. Andrews Road.
Since launching the platform in September 2021 the company has grown to over 13,000 users, over $4,000,000 of assets under management and consistently paid monthly dividends at 6.5% annualized yield.
"Our goal is finding high quality assets along with constructing a sound portfolio and the purchase of this property does exactly that. The 45 year operating history of this Shell branded fuel station and Pops Mart C-store was a factor in qualifying this property for purchase. The new 20-year lease has also increased the combined weighted average lease term of the portfolio to 12 years which aligns with our portfolio construction objectives," said CIO