Filed Pursuant to Rule 253(g)(2)
File No. 024-10691
FUNDRISE FOR-SALE HOUSING EFUND – LOS ANGELES CA, LLC
SUPPLEMENT NO. 2 DATED SEPTEMBER 25, 2018
TO THE OFFERING CIRCULAR DATED AUGUST 10, 2018
This document supplements, and should be read in conjunction with, the offering circular of Fundrise For-Sale Housing eFUND – Los Angeles CA, LLC (the “Company”, “we”, “our” or “us”), dated August 10, 2018 and filed by us with the Securities and Exchange Commission (the “Commission”) on August 13, 2018 (the “Offering Circular”). Unless otherwise defined in this supplement, capitalized terms used in this supplement shall have the same meanings as set forth in the Offering Circular.
The purpose of this supplement is to disclose:
· | Status of our Public Offering; and |
· | Asset acquisitions. |
Status of our Public Offering
As of September 24, 2018, we had raised total offering proceeds, net of redemptions of approximately $32.9 million (including the approximate $100,000 received in the private placements to our sponsor, Rise Companies Corp., and Fundrise, LP, an affiliate of our sponsor), and had settled subscriptions in our Offering for an aggregate of approximately 3,284,200 of our common shares.
Updates to Minor Assets Acquired
Single Family Home Rental Controlled Subsidiaries
Rental Control Subsidiaries Asset Summaries
The following table summarizes the single family home rental controlled subsidiaries ("Rental Controlled Subsidiaries") acquired by the Company since the last update. Unless otherwise noted, the following is true of each Rental Controlled Subsidiary:
● | Pursuant to the agreements governing each Rental Controlled Subsidiary, we have full authority of the management of such entity; |
● | An affiliate of our Manager earned an origination fee of approximately 2.0% upon the closing of each Rental Controlled Subsidiary, paid for by the co-investors, joint-venture, borrower or property holding entity at closing; |
● | The business plan entails renting the property for approximately seven to ten years after acquisition before selling the property; |
● | The investment thesis is based primarily upon the site's improving location, physical barriers to entry, basis and market sales for comparable homes in the immediate submarket; and |
● | The last updated portfolio level projected annual returns for our Los Angeles Single Family Rental Portfolio was 8.9% - 13.1%, as disclosed on March 15, 2018. Past performance is not indicative of future results, and these projections may not reflect actual future performance and may prove to be inaccurate. |
Asset Name | Zip Code | Beds / Baths at Acquisition | Approximate Square Footage at Acquisition | Date of Acquisition | Approximate Acquisition Cost | Projected Renovation Budget(1) |
S15 | 90004 | 2 / 1 | 1,335 | 8/17/18 | $716,000 | $40,000 |
L602 | 90042 | 2 / 2 | 1,365 | 9/11/18 | $952,000 | $2,500 |
(1) | There can be no assurance that the anticipated completion cost will be achieved. |