NEW YORK, NY, June 14, 2022 (GLOBE NEWSWIRE) -- MetroSpaces, Inc. (OTC Pink: MSPC) ("Metrospaces" or the "Company"), a leading a PropTech company, combining world-class real estate development organization seeking to reinvent the real estate industry using Artificial Intelligence (“AI”), Blockchain and other technologies, announced an increase of its assets under management with Philadelphia real estate purchase and completing an option to purchase additional property.
Metrospaces announced today the acquisition of a construction lot located in Philadelphia, Pennsylvania. The Company expects to complete the construction of a three story, four bedrooms, rooftop and working space area Townhouse, four blocks from Templeton University by the end of Fall 2022.
Concurrent with the acquisition, the Company announced entering in an option to purchase agreement of an additional construction lot. On the selected property Metrospaces plans to build a three floor, four-bedroom, rooftop and working area space Townhouse. The company expects to close the purchase by the end of June 2022.
These additions to the Company inventory of properties will be part of the Metrohouse™ platform focused on developing co-living spaces in secondary cities, targeting the student market and “digital nomad” destinations.
Mr. Oscar Brito, Metrospaces, CEO stated “Many millennials entered the market for the first-time last year, and more are likely to do so in 2022. This age group is the driving force of the U.S. housing market, millennials support the bottom of the housing market and our co-living offering”. He added: “Rental properties will be the most viable investment strategy. Home price appreciation has detracted from profit margins, effectively making rehabs less attractive to investors. Rents have increased at nearly twice the rate of home values nationwide. Perhaps even more importantly, rents should continue to increase if home prices do.”
Metrohouse’s™ primary focus is the tenant experience, providing an unparalleled turn-key service for a single low monthly fee. The service includes modern furnished units with private rooms, shared spaces for tenant socialization, and an exceptional user experience. Subsequent market launches in the coming quarters, are planned to include between 120 to 150 total units for rent.
Metrohouse’s™ technology platform enables homeowners and investors to transform their property into Co-Living facilities, through the use Artificial Intelligence (AI), blockchain and other technologies facilitating enhanced end-to-end management and administration, increased transparency, and heightened security property rental transactions.
About Metrospaces: MetroSpaces is a PropTech company, combining world-class real estate development with innovative technology. Our distinctive focus on leveraging novel technology in this space forges a uniquely valuable, transformative business. MetroSpaces seeks to reinvent the real estate industry through innovative IT solutions which solve a broad array of problems in this space. Their products and services utilize AI, blockchain and other leading-edge technologies to facilitate enhanced end-to-end management and administration, increased transparency, and heightened security property transactions. The Company tokenized offerings expects to democratize capital markets by expanding property ownership opportunities to small investors, while increasing its access to liquidity.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
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