Goldman Sachs Group Inc 255.13
GS. NEW YORK STOCK EXCHANGE +0.80 (+0.31%)
NEW YORK (Reuters) - New York-based real estate investment company Cadre has partnered with Goldman Sachs Group Inc (GS.N) to allow the bank’s private wealth management clients to invest through the startup’s platform.
Goldman Sachs clients have committed to investing $250 million in properties through Cadre’s platform so far, the companies said on Wednesday.
The startup takes advantage of technology to make it easier and less costly for accredited individual investors - who must meet U.S. securities regulations for annual income of at least $200,000 or a net worth topping $1 million - and institutions to buy small stakes in U.S. commercial real estate online. Cadre says it offers a better alternative to real estate funds.
Cadre was co-founded in 2014 by its chief executive, Ryan Williams, along with brothers Joshua and Jared Kushner, part of a well known New York real estate family. Jared Kushner is a senior adviser and son-in-law of U.S. President Donald Trump, while Joshua Kushner is a venture capitalist.
The company said it has closed more than $1 billion in total transaction value since launching. Through the partnership, Goldman Sachs clients will be able to use Cadre’s platform to pick investments identified by Cadre’s team.