During the last quarter in 2019, Century Partners launched its 3rd Fund, an real estate investment fund focused on acquiring and developing multifamily buildings across midwest cities, often referred to as the Rustbelt. The company wanted to take its success in Single Family Housing units, Duplexes, and other small multifamilies (5 units are less) and build on that success in the larger multifamily housing opportunities of Detroit and the Rustbelt.
The company acquired its first 10 unit building for the fund in early 2020 in southwest Detroit and followed up that acquisition with a 35 unit building in Northwest Detroit. The company finished up 2020 with its final multifamily acquisition of the year, 48 units across 4 buildings in Northwest Detroit.
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2021 was another big year of acquisitions for this 3rd fund by Century Partners. The company was able to identify undervalued assets in two of the most successful neighborhoods in Detroit: Woodbridge and Midtown. The company was able to close on a 12 units building right in the heart of Woodbridge as well as a 7 unit building and a 10 unit building in Midtown. The company finished the year with its first multifamily acquisition outside the City of Detroit, purchasing a 10 unit building in Ypsilanti, Michigan, a town between Detroit and Ann Arbor that houses Eastern Michigan University.
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Century Partners acquired these multifamilies with the purpose of investing in higher grade unit renovations during the turnover process, making capital improvements into the buildings to increase market appeal, and assessing opportunities for condominium conversion to take advantage of the robust condo market in Detroit. The company has currently received appraisals on the buildings purchased representing 40% greater value to date than the acquisition price.
