Part of strategic repositioning of the company to focus on asset and revenue growth
Annapolis, Maryland, Aug. 29, 2022 (GLOBE NEWSWIRE) — Mosaic Homes, LLC, a subsidiary of Community Redevelopment (OTC Markets: CRDV), a build and renovate for sale company, announced the acquisition of its first property in Baltimore, Maryland. The newly acquired rowhome property will be the first of several strategic acquisitions in the City of Baltimore.
Richard Balles, Head of Development for CRDV, stated that, “Twenty percent of the housing stock of Baltimore is vacant and Mosaic Homes is helping to revitalize neighborhoods by purchasing these vacant homes and renovating them – providing individuals and families the opportunity to purchase homes in their local neighborhoods. Closing the first Baltimore acquisition is a significant milestone and I congratulate our team on this achievement.” Additionally, Mosaic Homes works with local non-profit housing organizations to identify prospective residents who have received homebuying counseling.
Sourcing opportunities for Mosaic Homes in only the most promising markets is just one reason CRDV has opened a brokerage in south Florida, RedRock Real Estate Investment Services (d/b/a RedRock Realty). The brokerage will also represent buyers and sellers as well as landlords and tenants to market, sell, and lease residential and commercial properties in well-established communities in South Florida. The brokerage has officially opened their offices and has closed its first transaction.
CRDV believes investing in Florida real estate will produce positive returns, as wealth from national and international funding is flowing into the region. HFF Securities recently ranked Miami in 11th place of the top US Commercial Real Estate Investment Markets thanks to its continued population growth, low-unemployment, and low commercial space inventory. RedRock’s experience in commercial real estate makes us poised to assist entrepreneurs in finding their ideal business location. “I am thrilled our client chose RedRock Realty to assist them in finding the perfect retail space.” Brent Coetzee, Managing Broker of RedRock Realty, shared “They were so impressed with the customized service we provided they have chosen the RedRock Realty team to facilitate making their Miami dream home a reality as well.”
RedRock Realty has opened offices at 2650 Biscayne Boulevard, 2nd Floor in Miami and may be reached at 305-798-7002. Mr. Coetzee is currently seeking experienced agents with a passion for real estate, outstanding customer service, and providing a personalized experience to their clients. Visit redrockrealtyteam.com for more information.
These third quarter actions are establishing the foundation of a revised plan for CRDV. President and CEO, Garfield Antonio shared that “During the second quarter it became clear that the capital needed to execute on our obligations under the Redhills Capital merger was not going to be effective, as a result, we’re making the organizational changes necessary to establish future success and fulfill CRDV’s mission. Our new leadership has developed a strong strategic plan to organically grow assets and revenue. The transactions announced today begin the implementation of this plan starting in the third quarter of 2022.
Mr. Antonio further shared, “During the second quarter, CRDV made a significant investment to bring market awareness for the company which will assist CRDV in raising capital over the remainder of 2022 – leading to enhanced revenue and asset growth for the company. We are very pleased with the early results of our efforts and expect that the new strategic plan coupled with brand awareness will be a major differentiator for us and contributor to growth,”
CONTACT: Lara L. Fritts Chief Operating Officer info@communityredevelopment.net 410.224.3500
