Partnership touts $477M portfolio
Philip Michael has an ambitious goal: to create 100,000 millionaires of color by 2030. His startup, NYCE, created more than 2,000 first-time investors of color by selling shares in real estate properties. He also has become known for his videos in which he explains real estate to prospective investors, with 60,000 followers on Instagram. He’s struck a partnership with San Antonio real estate development and management firm The Lynd Co. to get people of color to invest in a portion of the $477 million the company has in active multifamily development deals.
Prior to the Lynd agreement, Michael had 210 units under development through crowdfunding in the New York City area and near Temple University in Philadelphia, the idea being to involve unaccredited investors — people making less than $200,000 a year who would be ineligible for traditional real estate deals. "I wanted to give people access to this asset class," Michael told the San Antonio Business Journal. Said David Lynd, CEO of The Lynd Co.: "If you empower people that don't have capital, that don't have accumulated wealth, to unlock some of the aspects of the American dream, then that can be a very powerful thing in changing their future.”