Detroit is not even halfway through its recovery after being the first city in the US to declare bankruptcy in 2013.
In June of 2017 Forbes magazine named Detroit “America’ Comeback city.” Many of the key drivers are increasing population, decreasing unemployment, decreasing vacancy rates, steady rent growth exceeding 5% annually and huge private and public sector investment.
Home appreciation has significantly exceeded the national average for the past 4 years and will continue to outpace almost every other market.
At Elite Property Investments, we work closely with the leaders of this revival, the city planners and developers committed to bringing back this great city. We invest strategically in those neighborhoods that the city is focused on bringing back the spirit of Detroit to.
Because we were one of the earlier groups investing in Detroit, we are able to consistently purchase homes and portfolios 30-40% below their real market value and at a fraction of their replacement cost.
Detroit has managed to go from bankruptcy in 2013, to being named the 2nd best city to travel to in 2018, from an impressive investment capacity provided by both the institutional community -Goldman Sachs, J.P. Morgan, Citigroup, among others-, as well as entrepreneurs such as Dan Gilbert, Steven Schwartzman (Blackstone Funds), Ilitch family (Little Caesar’s, Detroit Red Wings, Detroit Tigers) and many other traditional Detroit families.
At the same time welcoming national retailers such as Starbucks, Whole Foods, Google, LinkedIN, Nike, AMAZON, Under Armor, Shake Shack, Galaxy Software and many more for the first time ever.
- Over 500 surveillance cameras installed downtown.
- Increased on site security in downtown.
- Overall crime rate is down 12%
- 15% population growth
- 130+ Bars and Restaurants
- Over 3,000 small businesses have opened in Detroit
- 104 Detroit Schools
- #4 city downtown area making a comeback
- Job increase of 16.6%
- Only American city with all 4 sports teams downtown