Century Partners, founded by Andrew Colom and David Alade, looks to bring back home ownership to the city of Detroit. Once a flourishing city, Detroit has seen hard times in the past few decades. It has been the city’s past 5 years that has seen a Renaissance of sorts, and Century Partners is looking to join in.
Each founder has a story to tell, whether it’s Colom, a former real estate developer in Mississippi, or Alade, a former Credit Suisse New York banker who followed Colom’s lead to help establish the company. Century Partner’s is a communal effort. According to the Essence article, the men purchase “historic, abandoned homes and let neighbors invest in the rehabilitation of those homes.” They can then “recoup their investment from the fund consisting of rent paid by new neighbors.” Century Partners also purchases homes as well, if owners are looking to sale.
The underlining focus of the company is black wealth, and a return to black home ownership. Detroit has the largest percentage of black residents in a major US city, but has seen much of its wealth destroyed over the years. Century Partners along with an overall city revitalization will hopefully change that, and spur a new and exciting interest in the Automotive Capital of the world.