Community Redevelopment Inc. Executes Merger Agreement By Which It Acquires Interests In 6 Washington DC Area Retail, Multifamily And Mixed-Use Commercial Real Estate Portfolio; Adds Substantial Assets
The acquisition of interests in six properties in consideration for stock represents the benchmark of Community Redevelopment Inc.’s initial expansion strategy of property/project ownership throughout the Mid-Atlantic and Southeastern United States
MIAMI, Sept. 20, 2021 (GLOBE NEWSWIRE) — Community Redevelopment Inc. (OTC: CRDV) (“the Company”), a developer of community oriented real estate in urban and suburban markets with a focus on all aspects of the real estate development cycle, announced today it executed a Merger Agreement by which it has now acquired a portfolio of membership interests in six commercial retail, multifamily and mixed-use properties, in the Washington, DC Metro area. All the properties are both partially occupied and under continued development. Community Redevelopment Inc. sourced this opportunity off-market and leveraged its reputation as a strong and credible buyer, which includes senior experienced management, to facilitate an expedited close.
Community Redevelopment Inc. offers the public an opportunity to participate in the current trends in the real estate market by investing in these projects as a shareholder. As an owner of shares of common stock, investors may experience significantly increased liquidity as compared to owning blocks of real estate directly.
Myron Jones, Head of Development for Community Redevelopment Inc. said, “The Acquisition of these six prime commercial properties showcases our foremost investment criteria, which consists of quality, well positioned real estate in high growth markets and demographics, anchored by strong, stable tenants.” Mr. Jones continued, “In the coming years, we believe that acquiring and developing Class A investment assets in prime neighborhoods will yield strong returns.”
Community Redevelopment Inc. affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Our experienced Development team offers a number of client-driven commercial real estate services. Our Development team is experienced in developing mixed-use town centers, apartment and condominium buildings, Class A and B office space, neighborhood retail centers, and many other projects. The principals of our organization have exemplified performance across the broad spectrum of real estate products and development services in the past and expanding into the Mid Atlantic, South East, and Gulf Coast states markets.
Community Redevelopment Inc. plans to deliver significant value to shareholders by developing and constructing high-quality, well-located projects at below market cost, for its stabilized portfolio or to sell for a profit. The Company also plans to partner with other developers to build or acquire fractional or membership interests in economically viable projects. Community Redevelopment Inc.’s business model creates a tremendous advantage in the marketplace, while providing long-term value to investors. Our ability to acquire and develop single and multi-family rental properties that can either be held by us, or sold to regional and national companies, further strengthens our product offering. We believe our strategy of working with federal, state, and local governments, as well as community leaders and other developers in our principal geographic area and our targeted areas for expansion, will provide us with a diverse product portfolio and an opportunity to increase our overall market share and value as we expand into the Mid Atlantic, South East, and Gulf Coast markets.
Charles Arnold, Chief Executive Officer of Community Redevelopment Inc. said, “The acquisition of interests in these six properties provides Community Redevelopment Inc. with a tremendous opportunity for growth and adds significant assets (equity) to our balance sheet, as well as increasing our cash flow.” Mr. Arnold continued, “Our management team has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as extensive capital markets experience. We look forward to executing our business plan and bringing our shareholders more projects and real value in the area of land development, design build, property ownership, and site redevelopment.”
About Community Redevelopment Inc.
Community Redevelopment Inc. affords potential investors a significant opportunity to participate in the process of identifying and redeveloping entire communities and regional areas, via a publicly traded company. Community Redevelopment Inc. Inc. is a full-service real estate company with a management team that has extensive experience in acquiring, developing, constructing, and managing high-quality multifamily, and retail properties in attractive markets throughout the Mid-Atlantic and Southeastern United States, as well as capital markets. The Company is focused on all aspects of the real estate development cycle including land development, design build, property operations, and site redevelopment. In addition to the ownership of our operating property portfolio, Community Redevelopment Inc. plans to develop and build desirable properties for its own account and through joint ventures with affiliated and unaffiliated partners.
Community Redevelopment Inc., Inc. is focused on community development in urban and suburban markets and our mission is to integrate our proprietary business model by providing sustainable, long-term value to investors as we strive to provide opportunities to improve neighborhoods with residential, commercial, and industrial development projects while designing architecturally pleasing, clean, energy efficient communities and commercial structures. For more information on Community Redevelopment Inc. Inc., please visit www.comredev.com.
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 May 17th, 2021. 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. Inc. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
For Investor Relations, please contact:
David Kugelman
(866) 692-6847 Toll Free – U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
ir@comredev.com
