Believe in Detroit, the comeback city!
Welcome to BelieveIntheD.com, a site dedicated to spreading the word on Detroit’s resurgence.
To realize the true potential of our great American City, we all have to Believe in its future.
Here’s why we believe:
In 2008, we sowed the seeds for a startup real estate company called Metro Property Group. Formed by lifelong Detroiters with a true passion for the City, MPG was built with the vision of stabilizing our neighborhoods while creating a truly dynamic organization. Driving through the streets of Northwest Detroit in 2008 was quite an eye opening experience; gorgeous brick properties shuttered and left to deteriorate. The market was depressed, once glowing neighborhoods were starting to see signs of blight for the first time. But if you looked hard enough, and with a little entrepreneurial spirit, you could see huge opportunity.
Today the streets of East English Village, Marygrove, and Bagley are buzzing with new activity, in stark contrast to the scene just a few years ago. Property values are the highest they have been in over 3 years, and once abandoned properties are fully rehabbed and occupied by new homeowners and tenants who have moved back into the City. Metro Property Group is proud to have a hand in this neighborhood renaissance. The company has brought in over $75 mil in investment into Detroit’s neighborhoods in just 4 years.
As of April 2014, MPG and its affiliates have acquired over 1700 single family and multi-family properties in Detroit. The company continues to provide first class property management to the vast majority of these homes. In the past 3 years, MPG has refurbished and sold 873 single and multi family homes within a 15 square mile targeted area of Detroit. The combined sales prices of those properties is approximately $69.1 million.
Sameer Beydoun is the founder and CEO of MPG. Born and raised in Detroit, he is committed to the rebirth of the city through neighborhood stabilization and revitalization.
No Bank Financing, No Gov Grants, No Tax Breaks. All figures are as of April 2014.
|Management Status||# of Properties||Sales Prices to Investors|
Properties Acquired & Currently Held with JV Partners
Properties Rehabbed & Currently Held with JV Partners
MPG’s Total Contribution To Detroit's Neighborhoods
|Payroll Cost||Property Acquisition Cost|
|Contracted Labor||Rehab Cost|
|Property Taxes||Landscaping Cost|
|Property Security||Professional Fees|
Track Record of New Rehabs and New Occupants For 2012-2013
Properties Newly Occupied
Track Record of Providing Employment and Increasing Residency
The number of tenants currently living in homes that Metro has rehabbed and/or currently manages is approximately 765. With an average family size of 4 members, this translates to roughly 3,000 total residents of Detroit, occupying homes which were previously uninhabitable.
Metro currently employs 22 minority general contractors (140 total workers among them). This represents approximately 85% of our total construction workforce. Of the 422 unrenovated properties still on Metro’s balance sheet, we have secured rehab financing for at least 175. We estimate that this will create sustainable employment for an additional 100 construction workers for at least 1-2 years.
Metro’s Benchmark EB-5 Methodology for Job Creation Analysis: MPG has chosen 24 jobs per $1 million dollars ($1M) of construction value to calculate the estimated number of direct, indirect and induced jobs created or saved.*