MIAMI, July 20, 2021 (GLOBE NEWSWIRE) -- Crosswind Renewable Energy Corp. dba Community Redevelopment (OTC: CWNR) ("the Company"), a community oriented real estate developer targeting economic growth and opportunity zones in primary and secondary metropolitan markets, announced today that it has signed a binding letter of intent to acquire membership interests in six properties which are comprised of retail, multifamily and mixed-use development projects in the Washington DC metropolitan region.
“The acquisition of these properties underscores the attractiveness of Class A investment opportunities in our markets and should bode well for creating long-term value at the asset level," said Myron Jones, Head of Development for Community Redevelopment. Mr. Jones continued, "These holdings align strongly with our investment criteria that consists of quality, well positioned real estate in markets with robust growth and demographics, anchored by strong tenants."
The Washington, D.C. metropolitan area remains strong as a result of increased government spending. The United States government added nearly 50,000 office jobs in the second quarter, which leads us to view the Washington, D.C. Metropolitan Area as one of the top real estate markets in the country. According to real estate technology firm, Redfin, in June 2021 home prices in the Washington D.C. Metro Area were up 14.5% compared to last year, selling for a median price of $710K. Retail occupancy in the greater metropolitan area is over 90 percent, and both institutional and private investors are investing more money into retail real estate, driving down cap rates.
“This transaction demonstrates our passion and commitment to the retail and mixed-use sector, which is one of the strongest in commercial real estate backed by growing investor interest,” said Charles Arnold, Chief Executive Officer of Community Redevelopment. “The addition of these properties not only forms the foundation for our core holdings, but they are located in a market that is thriving and generating robust job growth and has significant demand for housing."
The acquisition is expected to close in the third quarter. The agreement calls for Community Redevelopment to indemnify and pay all costs associated with the continuing development of the acquired assets and to fund all capital calls on the properties, as well as list itself as an obligor on any liens or liabilities associated with the properties.
About Community Redevelopment
Community Redevelopment, Inc. operates as a community oriented real estate developer targeting economic growth, housing for veterans, and opportunity zones in thriving primary and secondary markets. The Company is focusing its efforts on bringing commerce and affordable housing to underserved and growing areas. Community Redevelopment plans to provide numerous opportunities to improve neighborhoods for residential, commercial, and industrial opportunities through government incentives, long term partnerships and agreements. Our mission is to reposition assets, improve the quality of life in those communities, and provide our investors with an opportunity to profit.
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. which are condoned by the Company must emanate from the Company itself and bear our name as its Source.
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