Crowdinvesting Jolene's First Cousin

Crowd-INvesting Jolene's First Cousin

Credit: Guerilla Development

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THE PROGRAM

Jolene’s First Cousin is two two-story buildings on a single lot in the heart of the Creston-Kenilworth neighborhood. It has a total of six units: three retail spaces, two market-rate one-bedroom rental apartments and one containing 11 rooms in a single resident occupancy (SRO) arrangement. The 100-SF SRO rooms share amenities: a fully outfitted kitchen, living and dining room, private landscaped courtyard, showers and toilets and laundry facilities. Each room has its own bed, storage, work surface, sink, and associated mailing address. SRO renters secure their spot in Jolene’s First Cousin for $425/mo. The master lease for the SRO is held by JOIN, a non-profit in Portland that has been working to house the homeless for over 25 years. With oversight from JOIN, the SRO residents self-govern, creating ground rules and operational systems.

Jolene’s First Cousin provides Oregonians a chance to support the project and earn a return. The project contains a $300,000 crowdinvested equity tranche made possible through a Rule 504 Exemption of Regulation D (qualified by the State of Oregon). The offering is open to Permitted Oregon Purchasers and Accredited Investors. Their equity earns an annual 5% preferred return and both the return of their principal and a percentage split of the proceeds of a refinancing event in Year 10. The goal is to create an opportunity to participate in real estate investment with a tangible social impact.