The Paradise Valley Investment Group is leveraging the city of Detroit's federal neighborhood stabilization funds, extensively renovating multi-family homes in East English Village and Hubbard Farms.
The home renovation company, headed up by California-native
Robin Scovill, is close to wrapping up renovating of seven units of small multi-family buildings that had been foreclosed on in strong residential areas of Detroit. These renovations include extensive green options, such as energy efficient windows and furnaces, along with insulation and Energy Star appliances.
"Robin loved the idea of going into a house and fully renovating it, getting as much out of it as possible," says Eric Novack, an investor in
Paradise Valley Investment Group.
Novack adds that there has been a strong demand for the rentals, which are marketed at affordable rates. One duplex in East English Village was leased shortly before it was finished and there has been strong demand for the other units which should come online by the end of this spring.
Novack also says that Paradise Investment Group has broadened its business model, allowing some local investors to take shares in the company as it continues to expand its portfolio, which not includes buildings in West Village, Corktown and a few other well-known Detroit neighborhoods.
"That's the nice things about Detroit's rental market is you will see more outside investors as long as they have the right people on the ground," Novack says.
Source: Eric Novack, an investor in Paradise Valley Investment Group
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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