Saturday, August 06, 2005

National Real Estate Investment Firm Signs Deal to Acquire 400 Residential Properties in Detroit

Yesterday, Houston-based Hilton Head Properties, Inc., signed a contract with Detroit's Neighborhood Development Corporation to acquire 400 single family homes within the city of Detroit.

The properties, which are spread out within the city, will be fixed-up by Hilton Head Properties and then resold.

Buyers of the single-family residential houses will need little cash down to purchase a home, but will be required to make their own home repairs - a trade-off that may allow individuals not normally able to qualify for government financing the ability to purchase a home.

According to
its press release on the subject, Hilton Head - a national real estate investment firm - seeks to clean up its recently-acquired 400 Detroit properties "as soon as possible".

Nate Volk, Director and VP of Hilton Head Properties, also stated that the company plans to assist in cleaning up the neighborhoods that its houses are located in.

In addition to its acquisition of 400 Detroit homes, Hilton Head plans to open a new Detroit-based office, and is also working on a separate deal with an unknown third-party to acquire 600 more properties in Detroit.