Reliance Global Group Inc. signed a letter of intent to pay $42.5 million for a class A multifamily property containing about 260 apartment units.
The property is undergoing second-phase construction set to be completed in 2020. The first phase was completed in 2017 and is 97% occupied.
Reliance Global Holdings LLC, a privately owned affiliate, has transferred $250,000 to the group as an initial down payment upon execution of the aforementioned property deal.
The company expects to complete an SEC-compliant audit of the property, which will become a significant part of its assets and business once it becomes an SEC-reporting issuer again.
