SAN DIEGO, Dec. 30, 2015 (GLOBE NEWSWIRE) — MVP REIT II, Inc. (“MVP REIT II”) announced today that the real estate investment trust fulfilled its minimum offering of $2 million in subscriptions on December 30, 2015. As a result, all initial subscribers have been admitted as stockholders of MVP REIT II, and the escrow agent has released proceeds from initial subscriptions that had been placed in escrow until the minimum offering was reached.
Funds from subscriptions are now available to the REIT for the acquisition of real estate assets and other purposes. Residents of Pennsylvania and Washington will not be admitted until gross offering proceeds exceed $25 million and $10 million, respectively, in shares sold.
About MVP REIT II, Inc.
MVP REIT II, Inc. is a publicly registered, non-traded Maryland corporation that intends to qualify as a real estate investment trust commencing with the taxable year that will end December 31, 2015, or the first year in which it commences material operations, if later. MVP REIT II intends to invest in a portfolio of parking facilities located throughout the United States and Canada. For more information regarding MVP REIT II, please visit TheParkingREIT.com.
Spotlight Marketing Communications
(949) 427-5172 ext. 703
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.