WASHINGTON, DC / ACCESSWIRE / December 20, 2023 / A significant player in the DC metro real estate market, Community Redevelopment (OTC PINK:CRDV) announced today that it has acquired a property on 5320 8th St NW. This property was originally a 36 unit building comprised of one and two bedrooms. The building has been gutted and renovated and reconfigured to 41 units of three bedrooms, each containing new kitchens, and baths as well as new floors. All functional aspects such as windows, roof, electrical, plumbing, have all been upgraded as well. The building is being ear-marked specifically for Voucher (TAP, Section 8) tenants.
This acquisition, while adding immediate financial value to the public company, also demonstrates the company's ethical values of uplifting the under-served with state-of-the-art contemporary design and aesthetics for those in assisted programs.
All these units are residential apartments, 15 of the units are currently under rent while the other units are in the process of being leased. The units pass DC Housing standards and are code compliant.
The as renovated value of the property is $21.6M, and this value will increase based on our new Net Operating Income, which reflects a 10% increase to the voucher rent.
As CEO Richard Balles said, "We believe that our efforts provide sustainable, long-term value to investors as we strive to improve our beloved community."
About Community Redevelopment
Community Redevelopment Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties. The Company is focused on all aspects of the urban real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest reports filed with the SEC. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about Community Redevelopment Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
For more information on Community Redevelopment Inc., please contact us at 866 692-6847 or see our website at www.comredev.com
SOURCE: Community Redevelopment, Inc.