Medican Enterprises Inc. is pleased to announce that it has acquired a 49% membership interest in RM Developments LLC, a California real estate company.
RM Developments is a trusted real estate development company based in Los Angeles, CA. For years, it has contributed to various communities by acquiring and developing single and multi family properties with a goal to always make a positive impact in any community that it invests in. RM Developments plans to build and renovate over 100 homes annually in the Los Angeles and San Bernardino counties.
In addition, if anyone is looking to sell their property, RM Developments can help to skip the stress, delays and uncertainty that can come when selling your house the traditional way. If your house is sold “as is” for cash, there is no need to bother with repairs, cleaning or even showings. RM Development’s firm offer will not change before closing, and it will not be subject to any other surprise fees. RM Developments will be there to walk the seller through each step of the sale.
Immediate Properties, a wholly owned subsidiary of MDCN, plans to provide acquisition support and project fulfillment to RM Developments. The relationship is designed to expand the operations of both companies by providing a larger footprint in certain sectors and markets. With the overwhelming demand for new housing in Southern California, the company’s efforts to dominate this valued geographic sector will be realized by their commitment to produce quality product for resale with not only a large number of new and renovated homes but the integrity and excellence by which the homes will be constructed. Homes will be built utilizing the green materials and energy efficient technology.
Xavier Mitchell, CEO of Medican Enterprises Inc., states, “This acquisition is synergistic in the sense that houses priced under $1mm are a small part of our portfolio but RM Developments’ specialty. We will provide additional funding to RM so that they can expand their operations to gain economies of scale.”
Updates will be forthcoming
Legal Notice Regarding Forward-Looking Statements: This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. That includes the possibility that the business outlined in this press release cannot be concluded for some reason. That could be as a result of technical, installation, permitting or other problems that were not anticipated. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Medican Enterprises, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Medican Enterprises, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
About Immediate Properties
Immediate Properties specializes in residential and commercial real estate investment and development. Our Company's success has worked to form lasting, concrete relationships with top equity suppliers, such as individual, commercial and institutional sources. These relationships enable Immediate Properties to provide beyond typical market approaches to finding and acquiring income-producing projects.
The company specializes in value-add investment and development in “A” locations in urban infill areas. It has expertise in multifamily, retail, office, mixed-use, adaptive re-use of industrial buildings and historic renovations. Immediate’s current investment portfolio includes properties across Northern and Southern California, Atlanta, and Nevada. The Company is actively investing in California and other select metro areas where we believe relatively high cap rates are not justified due to strong fundamentals.
Contact
818 835 0558
6320 Canoga Ave #1564
Woodland Hills, CA 91367