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1st African-American-owned real estate crowdfund launches up to $50M IPO

The newly launched real estate crowdfund, Tulsa Real Estate Fund, pulled in $9.6 million in the first seven days of its Regulation A+ Tier II IPO.

The crowdfund is seeking equity capital of up to $50 million in the IPO, which launched June 1.

The vehicle, created by Atlanta-based real estate mogul Jay Morrison, is the first African-American-owned and SEC-qualified Regulation A+ Tier II crowdfund aimed at revitalizing U.S. urban communities, according to a release.