Community Redevelopment Announces Acquisition of 41 Unit Building, Adding Substantial Asset
Dec 20, 2023
WASHINGTON, D.C. (Dec. 20, 2023) (ACCESSWIRE) – 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."
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ABOUT COMMUNITY REDEVELOPMENT
Community Redevelopment (CRDV) is a publicly traded real estate growth company focused on creating housing for all; with an emphasis on naturally occurring affordable housing (NOAH). Their objective is to develop sustainable communities that thrive by investing in urban neighborhoods and first tier suburbs; they work to acquire, develop, redevelop, or create joint ventures with minority and women-led developers - adding additional properties and growing their portfolio steadily over time. CRDV has a first-class team that brings significant combined experience of over 70 years in real estate development, finance, and technology. Visit communityredevelopment.net.
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