Equity Residences announced that the charter investment round for their Equity Platinum Fund is closing at the end of February. Over 60 investors are participating in the charter round, which is purchasing the first 5 of the up to 25 residences the Equity Platinum Fund will acquire.
These homes include such diverse and luxurious destinations as the Caribbean resort of Cap Cana in the Dominican Republic, the mountain resort of Northstar at Tahoe, the Hawaiian resort of Mauna Lani, Rosemary Beach Florida, and the medieval Tuscan city of Siena in Italy.
Equity Residences plans to acquire several additional homes for their Equity Platinum Fund throughout the year in destinations such as Turks and Caicos, Portugal, Los Cabos Mexico, Costa Rica, Florida, Hawaii, Jackson Hole and Colorado. The average home in the fund will be valued at around $2m to $2.5m.
In addition, Equity Residences recently acquired and upgraded an ocean front villa on South Akumal Beach in the Mayan Rivera.
The charter round units are priced at $139,000 and provide access for 1-3 weeks a year, depending on how an owner uses the points based reservation system. Annual dues are $2,988, but could drop to zero if an owner chooses to put all their time in the rental pool, in which the managers rent out the properties about 35% of the time to offset the annual operating costs.