MARTINDALE–BRIGHTWOOD, Ind., Aug. 23, 2012 /PRNewswire/ -- MT HELIX Real Estate Investment Fund, LLC, has entered into a strategic alliance with Martindale-Brightwood Community Development Corporation (MBCDC) to purchase several hundred single family distressed homes in the Martindale-Brightwood community of East Indianapolis, Indiana. The alliance matches MBCDC low income clients who desire stable living conditions and a path to economic independence with the appropriate training and knowledge to achieve their goals, according to Joe Nelson, CEO of MT HELIX Real Estate Investment Fund.
MT HELIX RE Investment Fund's purchase of the first 64 of several hundred properties and their rehabilitation and stabilization of this transitional neighborhood represent their initial commitment of a proposed $10 million investment.
"These homes represent a first step in an alliance that provides quality, affordable housing to the Martindale-Brightwood community," commented Nelson. "By rehabilitating these homes and putting housing first in their economic development recovery plan, we start the urban revitalization process of stabilizing and re-energizing this neighborhood with safe, affordable housing."
MT HELIX's neighborhood revitalization and stabilization program was developed to acquire, improve and manage homes within transitional neighborhoods in strategic alliance with various non-profit Community Development Corporations and state governments. "This alliance of a private corporation and a non-profit entity is part of a movement across the country dedicated to providing education and vocational training to start the process of healing our communities in need," commented Mark Silver, Chief Operating Officer/Director of Midwest Operations. "When we stabilize neighborhoods with quality housing, we can encourage businesses to provide services to those residents and thus increase the economic rehabilitation of the community."
MT HELIX RE Investment Fund is based in San Diego, CA with East Coast offices in New York. In addition to the firm's Multi-family, commercial and national single family focus, they have a mandate to acquire, through bulk purchases, distressed single family and commercial real estate located in transitional areas throughout the United States for the purpose of revitalizing and improving the assets with the intent to hold and manage them.
SOURCE MT HELIX Real Estate Investment Fund, LLC