Annapolis, Md., Oct. 06, 2022 (GLOBE NEWSWIRE) -- In a release issued earlier today under the same headline, please note the CRDV information and safe harbor provisions were not included. The corrected release follows:
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.
ABOUT COMMUNITY REDEVELOPMENT
Community Redevelopment (CRDV) is a comprehensive all-inclusive real estate, finance, and technology company investing in the future of urban and suburban communities. Their objective is to develop neighborhoods utilizing technologies that provide equitable solutions for traditionally underinvested communities and advance sustainable change - socially, economically, and environmentally. CRDV has a first-class team that brings significant combined exp
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 August 29th, 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.
