Our Financial Health, a financial wellness organization, has created a real estate investment trust (REIT) centered on a historic apartment building in the Harlem section of New York City.
The REIT is focused on the 10-unit property at 422 St. Nicholas Avenue built in 1932; the property has eight free-market units and two rent-controlled units.
The REIT is accessible to Harlem residents for a minimum investment of $1,000 and is being promoted with a projected return rate of 4.7% annually. According to Our Financial Health, the REIT seeks to “keep investment local, empowering Harlem residents to own a stake in their community and benefit from real estate returns that typically require significant capital.”
“We believe in the power of community and the importance of keeping ownership local,” said Jamel Johnson, managing director at Our Financial Health. “This REIT is designed to provide Harlem residents and investors with a meaningful way to build wealth right where they live. It’s an opportunity for individuals and families to invest in Harlem’s growth while enjoying the benefits of real estate returns.”
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