Platform Ventures Diversified Housing REIT LLC aims to sell up to $50.0 million of its common shares in a best-efforts offering.
The Platform Ventures LLC-sponsored company, which plans to qualify as a real estate investment trust for U.S. federal income tax purposes starting with its taxable year ending Dec. 31, said it will offer the shares at $9.75 apiece on the initial $7.0 million of common shares and operating partnership units sold, and at $10.00 per share thereafter until the first valuation date.
The newly organized Delaware limited liability company plans to use substantially all of the net offering proceeds to acquire, manage and structure a diverse portfolio of stabilized, income-oriented, multitenant rental housing properties across the U.S. It also aims to contribute the net proceeds to its operating partnership in exchange for units of limited partnership interest in the operating partnership.
Platform Ventures Diversified Housing noted that it may also invest in select real estate loans, real estate debt securities and other real estate-related assets with exposure to the multitenant rental housing sector.
It plans to acquire from affiliates of its sponsor a 100.0% direct fee interest in the 189-bed, 64-unit Orchard Corners student housing property and a 64.71% stake in a joint venture that owns the 200-unit Domain at City Center luxury rental apartment complex, also in Kansas.
The company is externally managed by PVDH Manager LLC.