KBS Realty Advisors partnered with fintech company CrowdStreet Inc. to launch a $1 billion fund that should allow a larger pool of investors to invest in institutional commercial real estate by buying shares directly online.
The new KBS Growth & Income Fund had a beta launch in October 2017 through the asset manager's own direct-to-investor platform at KBSDirect.com, which is powered by CrowdStreet technology. The fund is now being offered on the CrowdStreet Marketplace with a higher fundraising target and will have "no load" and no upfront commission, according to a release.
Currently, the growth and income properties fund has a portfolio of four class A and B office properties with a gross value of $197.8 million. These are the 203,221-square-foot The Offices at Greenhouse in Houston; the 219,742-square-foot The Commonwealth in Portland, Ore.; the 101,161-square-foot Von Karman Tech Center in Irvine, Calif.; and the 157,166-square-foot 213 W. Institute in Chicago.
The first direct-share offering on KBSDirect.com is KBS Growth & Income REIT Inc., which is sponsored by KBS.