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Investors purchase multi-million dollar building in East Point

WXIA-TV Atlanta logo WXIA-TV Atlanta 11/8/2018 Olivia LaBorde
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A massive property in East Point hasnew owners. The Tulsa Real Estate Fund recently bought the former Carter Brothersbuilding with big plans for its future. The building has been dormant since therelocation of its former owners.

Jay andErnestine Morrison went viral earlier this year after launching the TulsaReal Estate Fund as the first 100 percent black-owned crowdfunded real estate investment fund. The company received over $9 million from 12,000non-accredited investors in the first seven days. The fund's goal is to rebuild urban communities acrossthe U.S.

The East Point building is the investors' first acquisition since the fund's origin. The building was purchased for $2.1 million and sits on 2.6acres of land with over 30,000 square feet of office space thatwill soon be transformed as part of the fund's 90 day build-out schedule.Hopes for the plan include a community training center for small businessowners, a film and production studio and more.  

When asked, “Why East Point?”, the Morrisons said they’ve noticed thecity’s revitalization and want to be a part of its comeback. 

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