WASHINGTON, DC—Well, that didn't take long. Actually, thatdidn't even take a full morning. "That" refers to theoversubscribed sell out of locally-based Fundrise's new e-REIT forqualified investors. Four hours after it opened it doors it wasoversubscribed by 403%, according to an email by CEO BenMiller.

Fundrise first gave prospective investors a peek of what it hadbeen working on for the past year or so in a regulatory filing atthe end of November.

"We expect to be one of the first non-exchange traded REITsoffered directly to investors solely over the Internet, and thefirst available to both accredited and non-accredited investors,"the filing said.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.