minimum investment: $100.00
Revitalize Detroit’s historic neighborhoods.
Detroit is on the comeback, and David Alade and Andrew Colom of Century Partners invite you to be a part of it. Century Partners is working to breathe new life into blighted neighborhoods in Detroit and democratize access to property ownership, giving anyone a chance to invest in the rehabilitation of historic Detroit neighborhoods through fund investment. Over the last two years, they’ve deployed $3.4M of equity to purchase, rehabilitate and / or lease over 60 abandoned or underutilized housing units, tackling the issue of blight and the shortage of quality family housing head-on.
Soon, they’ll be seeking to raise $550,000 to sustainably renovate to lease or sell single and multifamily homes in the Boston Edison, East English Village, and North End districts and continue rebuilding Detroit.
Funding target: $350,000 – $650,000 by 8/4/2017
Regulation A: Equity
Minimum investment: 100
Century Partners wants to focus on acquisitions and renovations in the North End, Boston Edison and East English Village areas. These neighborhoods are close to major commercial corridors in Detroit, and are adjacent to tree-lined avenues of beautiful historic homes. These areas have been challenged by gradual deterioration over several decades, however, Century Partners is now focused on increasing population density and providing quality housing where it existed historically.
The team approaches renovations in the spirit of preservation; they aim to embrace the fabric of the community, not alter it. Century Partners is currently developing its portfolio of 63 housing units across three neighborhoods. Many of these homes were abandoned, dilapidated houses. Century Partners purchase the properties in cash from government entities, banks and individuals at discounted prices from $10,000 to $75,000. With the funds raised through rabble, Century Partners will rehabilitate 32 single and multi-family units already owned. Renovation budgets typically range from $20,000 to $125,000 per housing unit and take three to six months.
Century Partners employs an underutilized group of skilled local builders. The properties are then rented or sold to a professionally, ethnically and income-diverse group that includes graduate students, medical workers, technology workers, young professionals and artisans with verified income. Moreover, the rehabilitation projects are delivering investors a solid return. And though CP’s efforts will result in increased neighborhood-wide property values, their track record shows: no evictions, no displacements or rent increases for inherited tenants.
By investing in this project, you’ll join the project founders in revitalizing historic neighborhoods through property renovation and management, and you’ll become a stakeholder in Detroit’s renaissance.