The real estate investment platform Arrived Homes had its latest batch of rental properties scheduled to be released at 11:00 AM EDT today, but the rush of new investors eager to buy shares of the new properties caused the website to crash just minutes after the launch.
Arrived Homes updated investors on its Twitter account just 14 minutes after the scheduled release, saying “High traffic - Sites down - Arrived Team on it - back with an update asap.”
The company launched 13 new properties, located across Tennessee, Georgia, Alabama and South Carolina. So far, enough investors have been able to get through to fund 6 of the properties, including three rental homes in Nashville, TN, one in Charleston, SC, one in Birmingham, AL, and another in Atlanta, GA.
Previous releases had been fully funded within hours, with the most popular properties funding within just minutes.
Arrived Homes is one of the newer real estate crowdfunding platforms available and one of the few that offer investments to non-accredited investors. The company acquires rental properties in growing markets then offers shares of the properties to investors through its platform with a minimum investment of only $100.
The company handles all of the management aspects, including finding tenants, handling maintenance and repairs and cash distributions to property shareholders. Investors collect passive income through the rental revenue while waiting for the properties to appreciate in value over time.
The company attracted interest from some high-profile investors during its seed round, including Amazon.com Inc. (NASDAQ: AMZN) founder Jeff Bezos through his Bezos Expeditions fund.
