LA-based Paradise Valley Investment Group invests in Detroit housing

Thursday, October 29, 2009 | Source: Model D
Investors from LA are finding a couple of different ways to invest their money in Detroit.

Excerpt:

West Coast money is starting to have a little impact on tackling Detroit's blight problem, turning liabilities into assets.

The Paradise Valley Investment Group has rehabbed about 20 foreclosed homes in the Motor City, turning them into viable rental housing. That also translates into homes for 70 people and thousands of dollars the city doesn't have to spend on demolition. Oh, and there are the bakers' dozen jobs created to rebuild these homes, along with another 10 jobs to make these home energy efficient/environmentally friendly.

"Our sole focus is in Detroit," says Robin Scovill, CEO of Paradise Valley Investment Group and a resident of Los Angeles. "That's where we're investing and it's the only place we're investing."

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Related Tags

Historic Preservation, Housing, Investment, Real Estate, Redevelopment, Wayne County 

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