Real Estate Crowdfunding Platform, addy, Launches First 100% Affordable Housing Development
Residents across BC, Alberta, Ontario and Quebec Can Invest In a 96-unit, 100% affordable multifamily development in Hamilton, Ontario
Vancouver, B.C. (March 1, 2022) — addy, a Vancouver-based proptech start-up that is breaking down barriers to real estate ownership, today announced its first property with a primarily societal return – a 100% affordable housing project in one of Canada’s fastest growing real estate markets, Hamilton, Ontario. The 96-unit development will feature a mix of affordable and deeply affordable social housing. The project has support from Canada Mortgage and Housing Corporation (CMHC), and other non-profit housing providers to reduce costs such as property tax. Starting today, residents across BC, AB, ON and QC can invest in this project from $1 – $1500 and support the demand for much needed housing in the Hamilton area.
“This 100% affordable housing development in Hamilton is the first property available on the addy platform with a primarily societal return whereby 96 households will be taken off the affordable housing waitlist and receive much needed housing,” said Michael Stephenson, Co-Founder & CEO of addy. ”Members who invest in this development will help make a meaningful impact on the community and support us in our goal of achieving a triple bottom line for all of our properties across people, profit, and the planet.”
addy has partnered with 3H Properties Group Inc. (3HP) to bring this opportunity to addy members. 3HP’s vision is to change the affordable housing industry for the better and is committed to developing 100% affordable housing in perpetuity in Canada.
“We are excited to partner with addy on our 100% affordable housing project on Main St. W in Hamilton so that we can enable the local community to get involved,” said Alfredo Hermano, CEO & Founder of 3H Properties Group Inc. “Our model focuses on deeply affordable and market affordable housing projects and for this one, we will be offering units to seniors with disabilities since 21% of them are accessible, as well as immigrants, single mothers and students.”
About The Project
405 Main Street W. is a 96-unit, 100% affordable multifamily development, in the city of Hamilton. Half of the units in the building will be deeply affordable one-bedroom units and the other half will be a mix of bachelor, one-bedroom and two-bedroom units priced at roughly 15% below market value. 3HP has no intention to sell the property. A return of capital to investors is estimated in year 2, with annual distributions estimated to start in year 4 and continue for as long as the 3HP owns the building.
Click here for more information on this investment opportunity.
How addy works
Investment decisions are made collectively by addy’s real estate acquisitions team and our investment committee. All opportunities go through a very rigorous due diligence process. Once identified, the property is broken out into investment increments valued at $1. For example, a $1M equity slice is divided up into 1M shares; and shares in the property are available to qualified members on addy’s platform. Investors can decide how much they want to invest.
addy Technology Corporation (“addy”) is a proptech company on a mission to enable every human to own property. The Company enables Canadians to invest in institutional-grade commercial 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 and join the @addyinvest community on Discord, Facebook, Twitter, YouTube, LinkedIn, TikTok, and Instagram. Tune in to The addy Podcast on iTunes and Spotify.