Annapolis, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Community Redevelopment, Inc. (OTC Markets: CRDV) announced the launch of its subsidiary, Artistry, LLC (Artistry), a real estate development company based in Annapolis, Maryland, focused on build and renovate for rent housing in an effort to bridge the widening gap of housing affordability available regionally.
Artistry, LLC acquired 51% ownership interest in two multi-family rental condominium properties in Washington D.C. with an appraised value upon completion totaling $6,269,430 assigned from Richard Balles in a cash and stock transaction. The total combined appraised property value upon completion is expected to be $12,293,000. The first property is located at 1000 18th St NE with a designed total of 10 units and includes: one 3-bedroom, five 2-bedroom, four 1-bedroom units and an appraised value upon completion of $4,400,000. The second property, 1320 8th St NW with a designed total of 9 units will include: two 2-bedroom plus den, two 2-bedroom, and five 1-bedroom units and an appraised value upon completion of $7,893,000. The properties are in the construction process.
In Washington alone there are nearly forty thousand families on a waiting list for affordable homes, according to the DC Fiscal Policy Institute, whose mission, like CRDV’s, is to create a more equitable future. Lara Fritts, the Chief Executive Officer of CRDV stated, “As a real estate investment company we are changemakers for the future. Our intention is to address key problems in the industry paving the path toward long-term change - socially, economically, and environmentally. Housing is an essential, base need and we are on track to continue to provide more affordable and diverse options.”
According to The National Housing Commission there is a shortage of over 7 million affordable homes nationwide and a part of CRDV’s strategic plan is to increase accessibility by decreasing time to market: an important component to Artistry’s approach. Artistry intends to cultivate joint ventures - investing in experienced diverse-led development partners to expedite for rent homes to the market faster.
“Closing these first two properties is only the beginning. Artistry, LLC intends to make a tremendous impact and be a positive contributor to the thriving communities of Baltimore, Washington D.C., and beyond. We have dozens more projects already in the pipeline for potential acquisition in the area.” shared Richard Balles, President of CRDV.
