COMMUNITY REDEVELOPMENT ANNOUNCED THE LAUNCH OF ARTISTRY, LLC AND THE ACQUISITION OF THE FIRST TWO PROPERTIES IN WASHINGTON D.C.
Artistry, LLC, an Annapolis company, has a vision of increasing naturally occurring affordable housing options in high growth urban and suburban markets with an emphasis on expediting time to market.
ANNAPOLIS, MD (Oct 4, 2022) (Global 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. as completed value totaling $6,269,430 assigned from Rich B, LLC in a cash and stock transaction. The total combined appraised property value upon completion will 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 (ARV – after repair value) 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. Both properties are in the permitting process and Artistry is expected to begin construction soon with an anticipated completion by the end of third quarter 2023.
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 will also 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 a dozens more projects already in the pipeline in the area.” shared Richard Balles, President of CRDV.
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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 experience of over 100 years in real estate development, finance, and technology. Visit communityredevelopment.net.