MIAMI, 20 July 2021 (GLOBE NEWSWIRE) – Crosswind Renewable Energy Corp. dba Community Redevelopment (OTC: CWNR) (the “Company”), a community-driven developer focused on economic growth and opportunities in primary and secondary urban markets, announced today that it has signed a binding letter of intent to acquire interests in six properties real estate, which includes retail, multi-unit and mixed-use development projects in the Washington, DC metropolitan area.
“The acquisition of these properties underscores the attractiveness of a Class A investment opportunity in our markets and should bode well for creating long-term asset value,” said Myron Jones, head of community redevelopment development. Mr. Jones continued, “These holdings are fully in line with our investment criteria, which include quality, well-positioned properties in markets with strong growth and demographics backed by strong tenants.”
The Washington, DC metropolitan area remains strong as a result of increased government spending. The US government added nearly 50,000 office jobs in the second quarter, making it possible for us to view the Washington, DC metropolitan area as one of the top real estate markets in the country. In June 2021, home prices in the Washington, DC metro area rose 14.5% year-over-year, with an average price of $ 710,000, according to real estate technology company Redfin. The occupancy rate of retail in a large metropolis is over 90 percent, and both institutional and private investors are investing more money in retail real estate, which lowers capitalization rates.
“This deal demonstrates our passion and commitment to the retail and mixed-use sector, which is one of the strongest commercial real estate sectors supported by growing investor interest,” said Charles Arnold, CEO of Community Redevelopment. “The addition of these properties not only forms the basis for our major holdings, but is also in a market that is thriving and generating sustainable job growth and significant demand for housing.”
The deal is expected to close in the third quarter. The agreement stipulates that Community Redevelopment will reimburse and pay all costs associated with the continued development of the acquired assets and finance all capital requirements in relation to the property, as well as list itself as debtors for any liens or liabilities related to real estate.
About community redevelopment
Community Redevelopment, Inc. acts as a community-driven developer focused on economic growth, veteran housing and zones of opportunity in thriving primary and secondary markets. The company focuses on providing commerce and affordable housing in underserved and emerging regions. Community redevelopment plans to provide numerous opportunities for improvement in residential, commercial and industrial areas through government incentives, long-term partnerships and agreements. Our mission is to change the position of assets, improve the quality of life in these communities and provide our investors with the opportunity to generate profits.
This announcement contains forward-looking statements within the meaning of “safe harbor” of the US Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements designated by such words as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “objectives,” “projects,” and similar expressions. The statements in this release are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those indicated in the forward-looking statements. Numerous factors can cause or contribute to such differences, including but not limited to clinical trials and / or other research results, inherent challenges to new product development initiatives, the impact of any competing products, our ability to license and protect our intellectual property, our ability to engage in the future additional capital needed to sustain our business, changes in government policy and / or regulations, potential litigation on our part or against us, any government review of our products or practices, and other risks are discussed from time to time in our documents, filed with the Securities and Exchange Commission, including but not limited to our most recent 10-quarter report, filed May 17.th, 2021. We are under no obligation to update any forward-looking statements or any information contained in this press release or other public disclosures at any time. Finally, we remind the investing public that the only announcements or information about Community Redevelopment Inc. that are approved by the Company must come from the Company itself and have our name as its Source.
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