Community Redevelopment, Inc. (OTCMKTS:CRDV) has announced the launch of its subsidiary, Artistry, LLC, on October 6, 2022. The subsidiary is a real estate firm based in Annapolis, Maryland. It focuses on building and renovating for rental housing for the purpose of bridging the increasing gap in housing affordability available regionally.
Trading Data
On Thursday, CRDV stock ended flat at $0.0900 with more than 29K shares traded, compared to a volume of 12K shares. The stock moved within a range of $0.0900 – 0.0900 after opening trading at $0.0900.
Community Redevelopment Announced the Launch of Artistry, LLC and the Acquisition of the First Two Properties in Washington D.C.
As of now, Artistry, LLC has acquired a 51% ownership interest in two multi-family rental condominium properties in Washington D.C. The appraised value after completion is $6,269,430 and has been 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 situated 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. Both properties are being constructed.
The National Housing Commission reports that there is a shortage of over 7 million affordable homes nationwide. The company plans to increase accessibility by decreasing time to market, which is an important component of Artistry’s approach. It is looking to invest in experienced diverse-led development partners to expedite for rent of homes to the market faster.
Key Quote
“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.
