I am pleased to provide some news of recent activities at Carnegie Development.
Carnegie Development is current and up to date with required filings to the government agencies. Most importantly, we have removed our stop sign and now have a yield sign which will be removed in the coming weeks.
And now, we are very excited to announce that Carnegie Development has acquired six new entities which are all Multi Family development projects.
Those developments will get underway in the new year. This will afford Carnegie the benefits and profits that come with the development as well as the long-term cash flow revenue once completed.
The great part of our plan in these projects, is getting the cash flow will be much quicker than what is typical for other companies who buy existing projects from developers and then sell them to the investment companies for a high premium. Our strategy of being the developer is a big benefit to Carnegie Development because it allows for us to start at the base point with efficient access to the cash flow.
Dallas continues to be great for business. California and New York are experiencing a rapid contraction in their populations meanwhile a tremendous influx of people are moving to Dallas. This is driving up the residential demand on single family and multifamily housing.
More acquisitions are on the horizon. The next round of acquisitions will be focused on single family lots for home builders to buy, build houses and sell them to incoming buyers. Dallas is experiencing the highest percentage of growth in the United States and with our existing relationships in the Texas marketplace, we are poised to take advantage of that.
Furthermore, Dallas is experiencing a huge demand for the build-to-rent business. Carnegie development is expanding into this market where we build brand new homes and rent them out. The business model and cash flow is similar to the multi family, but the benefit of the single-family business is the cash flow begins as soon as the home is built.
We hope you continue to watch and listen for updates and we look forward to your participation in Carnegie Development.
Thank you very much.
Timothy Barton https://www.carnegie-development.com/investors