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
I have been using Blue Vault Partners for the past five years. I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs. The reports help me analyze which sponsors are doing a responsible job of managing their offerings. This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.