Crown Acquisitions, Inc. Acquires its 35th Property

After investing $25 million in real estate, Crown Acquisitions, Inc. is just warming up.
By: Cheryl Smith
 
Aug. 9, 2010 - PRLog -- Aliso Viejo, California – August 9, 2010 – This month, Crown Acquisitions, Inc. (CAI) of Aliso Viejo, California will close on its 35th multi-housing purchase.  This property is based in an urban neighborhood in San Diego, which complements CAI’s portfolio of properties throughout the Southwest United States. CAI has purchased over 500 units at these various properties, totaling in excess of $25 million in acquisition costs.  In addition to the money spent purchasing the properties, Crown Acquisitions, Inc. has invested an additional $5 million renovating the properties to make the buildings livable for their tenants.  

The San Diego property, based in the City Heights submarket, has 27 units, totaling over 14,700 square feet.  The acquisition cost for Crown Acquisitions, Inc. was $1,561,300, with an anticipated renovation cost of over $300,000 for this three story building.  This is CAI’s fourth purchase within the last year.

Crown Acquisitions, Inc.’s first property in San Bernardino, California, gave owner, Chris Mitchell, the idea for his competitive advantage in real estate that he needed to distinguish his company from other multi-housing investors.  Mr. Mitchell saw the need for safe homes and neighborhoods in more urban markets where crime, drugs, and prostitution is an everyday occurrence.  He found that by investing not only in the property, but also the neighborhood, that he could make a difference in lives, as well as grow his company.

The team at Crown Acquisitions, Inc. has developed a model where they look for properties that have potential, where other buyers may see risk, high start up costs and other barriers to entry in urban markets.  CAI strives to turn C-properties into B-properties usually running at less than 10 percent vacancy, which provides stability to the neighborhood and community as a whole.  Crown Acquisitions, Inc. turns the properties around by making their communities unfriendly to criminals and renovating the property to make it more aesthetically appealing and safer to live in.

In the past seven years, Crown Acquisitions, Inc. has purchased properties in the Southwest United States, removed the crime and renovated the property for its tenants.  Where some landlords may see these changes as daunting or expensive, CAI has built its reputation on keeping and improving properties and is committed to providing safe homes for their tenants.  All of CAI’s properties adhere to the crime free standard set forth by the International Crime Free Multi-Housing Program.

Crown Acquisitions, Inc., located in Aliso Viejo, California, is a real estate acquisition and investment company specializing in buying, developing and operating value added properties in the Western United States.  CAI’s portfolio is grounded in the multi-unit family housing market with special focus on revitalizing urban neighborhoods in cooperation with municipal agencies and community leadership organizations. Crown Acquisitions, Inc. is “Changing The Way You Live.”®

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A real estate acquisition & investment company specializing in buying, developing & operating value added properties in the Western U.S. Our portfolio is grounded in the multi-unit family housing market w/ emphasis on revitalizing urban neighborhoods.
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