Community Redevelopment Announced the Acquisition of a Rental Condominum Building in Washington D.C. Through Its Subsidiary Artistry, LLC

Rhea-AI Summary

Community Redevelopment, Inc. (CRDV) has acquired a multi-family rental condominium property in Washington D.C. from Richard Balles for over $5 million in a cash and stock deal. This property, located at 1618 21st Place, consists of 15 units and is nearing completion by Q2 2023. Artistry, a subsidiary of CRDV, aims to increase affordable housing, addressing over 40,000 families on waiting lists in D.C. The acquisition will enhance CRDV’s assets and set the stage for revenue through Section 8 compatible units, with more projects identified for future development.

Positive

• Acquisition of property valued at over $5 million enhances CRDV's asset portfolio.
• Focus on affordable housing taps into a critical market need, with potential for stable returns.
• Artistry has a pipeline of at least a dozen potential projects identified, indicating strong growth prospects.

Negative

• None.

Artistry, LLC, an Annapolis company, has a vision of increasing affordable rental housing options in high growth urban and suburban markets

Annapolis, Maryland, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Community Redevelopment, Inc. (OTC Markets: CRDV) through its subsidiary, Artistry, LLC (Artistry), acquired 100% ownership interest in a multi-family rental condominium property in Washington D.C. with an expected appraised value upon completion of over $5,000,000 assigned from Richard Balles in a cash and stock transaction. The property is located at 1618 21^st Place with a designed total of 15 units and includes: three 3-bedroom, eight 2-bedroom, four 1-bedroom units.  The property is nearing the end of the construction process with an anticipated completion by the end of second quarter 2023.

Affordable housing is a national crisis. In Washington, DC alone there are nearly forty thousand families on a waiting list for affordable homes, according to the DC Fiscal Policy Institute. “As a socially conscious real estate company, we are committed to creating more equitable solutions in the rental housing market while also providing our shareholders stable returns since affordable housing tends to be more consistent across economic cycles,” stated Lara Fritts, CEO of Community Redevelopment.

The acquisition of this property continues to increase CRDV’s assets and sets Artistry, LLC on course to revenue generation.  Artistry provides new and renovated properties that accept Section 8 vouchers in the fast-growing communities of Washington, D.C. and Baltimore. “We have at least a dozen more potential projects already identified in the pipeline and our goal is to substantially increase affordable options throughout the region.” shared Richard Balles, President of CRDV.

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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.

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 10-Q Report filed on December 16^th, 2022. 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.

FAQ

What is the purpose of Community Redevelopment's acquisition of the property in Washington D.C.?

The acquisition aims to increase affordable housing options in a market with high demand.

What is the expected value of the newly acquired property by Community Redevelopment?

The property is expected to have an appraised value of over $5 million upon completion.

When is the expected completion date for the Washington D.C. property acquired by CRDV?

The property is anticipated to be completed by the end of Q2 2023.

How many units are included in the Washington D.C. condominium property?

The condominium property consists of 15 units, including three 3-bedroom, eight 2-bedroom, and four 1-bedroom units.

What market demand is Community Redevelopment addressing with this acquisition?

CRDV is addressing the national crisis of affordable housing, with about 40,000 families on waiting lists in Washington D.C.