Century Partners raised its second fund in 2016 to expand the company’s investments on Atkinson Street and the North End, and to seek additional historic neighborhoods in Detroit for investment.
CP’s investment – combined with the investment that followed behind them – the company quickly saw more secure and developed neighborhoods, which created an opportunity for a more dynamic banking environment for potential home buyers. The company added a robust remodeling to sales strategy. The company was able to raise a few million dollars for its second fund, giving the company more tools to invest into the opportunities and to expand in its focus of neighborhoods in the City of Detroit.
Century Partners Fund II picked the east side neighborhoods of East English Village and Morningside for their first expansion away from Atkinson Street and the North End. In addition, the company was able to invest on streets adjacent to Atkinson Street like Lasalle Gardens and the historic Piety Hill.
The final neighborhood expansion for the company’s investment portfolio was the Fitzgerald Neighborhood in Northwest Detroit. This neighborhood was earmarked for an groundbreaking neighborhood wide revitalization project that included commercial development, multi-million dollar educational inequities programs at MaryGrove College, and innovative land use strategies and charitable neighborhood interventions.
Century Partners was chosen to lead the housing rehabilitation portion of the Fitzgerald development. Century Partners ushered in its first private, public partnership through the investment of over a million dollars worth of Community Development Block Grants (CDBG) for the revitalization of several dilapidated homes that were sold to qualified affordable first time home buyers, oftentimes creating immediate equity for those home buyers.
On the market side, Century Partners was able to bolster the most in demand section of the development to make it a more financially viable buying opportunity for most Detroiters. Century Partners, working with local banks and their affiliate brokerage, Prep Realty, were able to bring financing tools into the neighborhood that increased home values while bringing down the affordability of home purchases in the neighborhood for everyday Detroiters.
This was the final neighborhood expansion created by the company’s Fund II.