All-black Miami firm brings investment to black neighborhoods

Firm is rehabbing and flipping single-family homes in up-and-coming neighborhoods

TRD MIAMI /
Feb.February 20, 2017 04:15 PM

Miami Millennial Investment Firm, formed by 12 young black professionals in Miami-Dade County in 2015, is doing a rare thing: helping black people grow wealth through real estate, by bringing black investors to neglected black communities.

The firm buys properties, rehabs them, and sells them, focusing primarily in gentrifying neighborhoods like Brownsville, Liberty City, Overtown, Gladeview, and Little Haiti.

With two single-family homes under its belt, the group is looking to add commercial and industrial properties to its portfolio, WLRN reported. The first home was purchased in 2016 for $87,000, and is currently under contract for $175,000.

“We decided we wanted to make this a black project,” one of the group’s founders, Fabiola Fleuranvil told WLRN, “People were saying, ‘How are you going to find young professionals who can put that type of money on the table?’ And we were able to find it without a problem.”

Fleuranvil said the inaugural investment was raised by finding 12 individuals with $10,000 each.

Another one of the firm’s investors, Kevin Smith, told WLRN that it’s not enough to say “this is a black neighborhood because black people live here.”

“Do we own commercial? Do we own the industrial? Do we own the banking?” he told WLRN. “We have to have ownership in our community. If we don’t have ownership we are spectators in what someone else decides to do with our community.” [WLRN] — Gabrielle Paluch


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...