Back the Comeback
Back the Detroit Comeback with Century Partners
Century Partners is revitalizing Detroit by rehabilitating historic neighborhoods and creating wealth in the process.
Rabble One Series A, the managing member of which is Century Partners, is sending you this communication through rabble as a “test the waters” communication to gauge market demand from potential investors for an Offering under Tier I of Regulation A. No money or other consideration is being solicited, and if sent in response, it will not be accepted. No sales of securities will be made or commitment to purchase accepted until qualification of the offering statement by the Securities and Exchange Commission (the “Commission”) and approval of any other required governmental or regulatory agency. An indication of interest made by a prospective investor is non-binding and involves no obligation or commitment of any kind. No offer to buy securities can be accepted and no part of the purchase price can be received without an Offering Statement that has been qualified by the Commission and the receipt of required state approvals for offerings to residents of particular states.
David Alade and Andrew Colom left jobs in real estate and banking in 2014 to start Century Partners to breathe new life into blighted neighborhoods in Detroit and democratize access to property ownership. Over the last two years, they’ve deployed $2.2M of equity to purchase, rehabilitate, and lease over 40 abandoned or underutilized housing units, tackling the issue of blight and the shortage of quality family housing head-on.
Soon, they’ll be seeking to raise $535,000 to sustainably renovate and lease single-family homes in the Boston Edison, East English Village, and North End districts to continue their efforts to rebuild Detroit through community empowerment.
Detroit is on the comeback, and David Alade and Andrew Colom of Century Partners want you to be a part of it. By investing in this project, you’ll join the project founders in revitalizing historic, vacant neighborhoods through property renovation and management—making you a key part of Detroit’s renaissance.
Detroit is on the comeback, and partners David Alade and Andrew Colom of Century Partners want you to invest in it. CP buys blighted homes, rehabilitates them using local contractors and sources buyers and select renters for a real return. Because quality housing in Detroit is limited, the few clean, affordable units available are often inaccessible. CP expands the quality housing market with sustainably revitalized homes.
The real beauty of the Century Partners model is its potential for local wealth creation. Anyone, including the residents of neighborhoods they invest in, can own a part of these refurbished homes through fund investment. CP has already deployed over $2.2MM of equity to purchase and rehabilitate 35 abandoned or underutilized housing units. What’s more, less blight means greater property values, enabling home-owning neighbors to accelerate their own home appreciation while earning rental income from the house next door.
You know the old Detroit story. After auto company Ford created an entirely new industry, changed transportation forever, and fueled the creation of the modern middle class, globalization brought Detroit to its knees. Urban sprawl drained the city core of needed resources. Racial tension created divisions that prevented progress. Political corruption stymied economic development. Population decline and abandoned homes fueled crime, poverty, and declining property values.
But today, excitement about the Detroit Comeback is spreading. That’s partly because Detroit offers investors—property owners and landlords in particular—some of the strongest ROIs in the U.S.
Investors have already put billions of dollars into greater downtown development projects, like a new hockey arena and up to 5,000 residential units scheduled to come to market in the next two years. Quicken Loans Inc. founder Dan Gilbert has spent $451 million to buy 62 properties in downtown Detroit since 2011, and the city is rallying around the return of their NBA team, the Detroit Pistons. Technology, service and retail companies of all sizes are moving to town, like the world’s largest automotive seating supplier, Adient Ltd. Local universities and medical centers are expanding. The Motor City is in motion.
Century Partners wants to focus on renovations in the North End, East English Village, and Boston Edison areas. The neighborhoods are close to the main corridor of the city, Woodward Avenue, and branch out into tree-lined avenues of historic homes. These areas have been challenged with blight, and CP’s efforts focus increase both population density and quality housing. CP approaches renovations in the spirit of preservation—they aim to embrace the fabric of the community, not alter it.
Century Partners is currently closing on 23 additional homes, which will put their portfolio at over 65 houses across three neighborhoods. CP purchases the properties in cash from government entities, banks, individuals and developers at discounted prices from $10,000 to $50,000.
They will soon seek to rehabilitate single and multi-family units with a renovation budget. Renovation budgets typically range from $20,000 to $125,000 per house and take three to six months.
CP employs an underutilized group of skilled local builders. The properties are then rented or sold to a racially, professionally, and income-diverse group that includes graduate students, medical workers, technology workers, young professionals and artisans with demonstrable income, delivering investors a solid return. And though CP’s efforts will result in increased neighborhood-wide property values, their track record shows: no evictions, no displacements or rent increases for inherited tenants.
Andrew Colom is an accomplished writer and real estate developer. He graduated from Columbia University in 2005 with a degree in literature and creative writing. He received a full scholarship from the NY Times to pursue a Masters in Fine Arts and finished his Masters in 2007. Besides pursuing the arts through writing, film production, and theater, he started a real estate company in his hometown of Columbus, Mississippi. He started with 5 Single Family Homes and built that company up to 15 houses and 300 apartment units. He has worked in all facets of real estate from small to large scale renovations to new home construction, property management and real estate bookkeeping.
Andrew moved to Detroit in February of 2015 to focus on using the arts and real estate development to improve Detroit’s neighborhoods through community partnerships.
David Alade is a born and raised native New Yorker. After graduating with a degree in Urban Studies and Economics from Columbia University in 2009, he pursued a career on Wall Street where he focused on providing an array of secured financing solutions for consumer finance companies. During his six years in investment banking at Barclays Capital and Credit Suisse, David facilitated over $100BN in financing for mid-size to Fortune 500 companies, including tens of billions of dollars of financing for the finance arms of the Big 3 US auto companies (Ford, GM and Chrysler). In the summer of 2014, David fell in love with the charismatic energy burning within the city of Detroit and began financially investing in its neighborhoods.
David moved to Detroit in May 2015 to focus on community advocacy and real estate development in Detroit’s urban neighborhoods on a full-time basis.
Century Partners is tackling the issue of abandoned homes in Detroit. The 50,000 vacant houses in Detroit have taken an economic and social toll on the city. The abandoned homes pulled down property values, sent a message that Detroit is not worthy of investment, and fueled crime. However, in the last few years, Detroit has started to turn the corner, and Century Partners has been leading the way. Soon, Century Partners will convert 10-15 vacant houses into fully rehabilitated and beautiful rental homes that 60 new residents will call home.
The result? Economic vitality – and zero displacement – in neighborhoods that have been overlooked and under-invested for the past 50 years. The benefits are measurable — through their activities, Century Partners will rehabilitate over 52,000 square feet of property. In the process, Century Partners hires local contractors and provides fair-paying jobs to businesses that are the bedrock of the community.
Century Partners also helps stabilize the city’s population growth. Their high quality housing attracts new people from the suburbs and downtown areas into neighborhoods they hadn’t previously considered. More residents will encourage existing businesses to grow, hire, and open their doors. A thriving neighborhood supports local residents, too. It incentivizes people to maintain their homes. And it preserves wealth for local homeowners, whose home value is the key to retirement and stability.