Atlanta-based real estate mogul Jay Morrison recently announced the initial public offering (IPO) launch of the Tulsa Real Estate Fund, the first African-American owned Regulation A+ Tier II crowdfund designed to revitalize urban communities across the U.S.
"Tulsa Real Estate Fund was created for the sole purpose of the revitalization of urban communities across America, as well as a means for working class people to own shares and equity in a portfolio of real estate assets that will combat gentrification," said Jay Morrison, CEO and manager of the Tulsa Real Estate Fund.
Morrison says the mission of the Tulsa Real Estate Fund is to perform comprehensive redevelopment of both people and real estate in key urban areas. Tulsa Real Estate Fund redevelopment projects being considered include single family, multi-family, commercial, and agricultural projects. Other redevelopment projects around the country will be announced in the coming months.
Tulsa Real Estate Fund is named in honor of the businessmen and businesswomen of the once prosperous Greenwood neighborhood in Tulsa. The owners of the fund say the area and its history, once known as “Black Wall Street,” was an inspiration to them.
Morrison and co-owner Ernestine Johnson stopped in Tulsa on Friday as part of a multi-city tour across the U.S. Johnson spoke about why they chose their name.
“The energy and the spirit here is just so powerful,” said Johnson. “We’re honored and grateful to be here again, on the soil, and paying homage to the city and building with the people in the community."
Morrison says the Tulsa Real Estate Fund builds on Project Rebuild, President Barack Obama's $15 billion proposal to invest in a national effort that leverages private capital and expertise to rehabilitate hundreds of thousands of communities across the country. Building on the successful ideas developed during the implementation of the Neighborhood Stabilization Project, Project Rebuild provides funding to purchase, rehabilitate, and/or redevelop foreclosed, abandoned, demolished, or vacant properties. Funding also helps grantees establish and operate land banks and create jobs maintaining properties to avoid community blight.
"Tulsa Real Estate Fund is the perfect economic vehicle for the urban community to collectively pool its more than $1.3 trillion in spending power to effectively control and revitalize our neighborhoods," said Morrison.
The Tulsa Real Estate Fund recommends investors read its Form 1A Statement and other public reports and financials filed with the SEC for further information. All management profiles, public filings, financials, and other company information are available on the Tulsa Real Estate Fund's website. Its Regulation A+ Tier II offering circular can be found online at www.sec.gov.