Young entrepreneurs Andrew Colom and his business partner David Alade have one central goal in mind for their new real-estate business….to help Detroit residents rebuild generational wealth by bringing communities back to life in the Motor City.
Andrew Colom, 33, and David Alade, 29, both left jobs in real estate and banking to start Century Partners, a development firm aimed at revitalizing neighborhoods inDetroit while also helping Detroit’s Black residents build wealth.
The two Columbia alums recently sat down to discuss why they chose to go into the real estate business in the troubled city that once home to so much opportunity.
“We buy historic, abandoned homes and let neighbors invest in the rehabilitation of those homes and recoup their investment from the fund consisting of rent paid by new neighbors. Investors can also sell their homes to Century for cash and inclusion in the investment pool.”
“Detroit is a city where there was such high African-American ownership of homes. That got us thinking about bringing neighborhoods back.”
Alade says men like Donald Trump aren’t the only ones working in real estate as well…
“People usually think of developers as the Donald Trumps, the Dan Gilberts—very well-capitalized, older guys. What I hope is that we’re able to create this new legacy for what a developer looks like. If I can play a role in shaping or changing what a developer is traditionally supposed to look like and encouraging and thinking about ways to build generational wealth, I will consider that a huge accomplishment.”
Find out more about Century Partners by clicking HERE.