Relancer Capital Restores Newly Renovated Home in Turtle Creek, PA

A new, live-in owner is sought for 422 James St., in Turtle Creek, PA. A recently renovated three- bedroom, one-bath, 1,044 square-feet single-family home, a previously blighted property, has been restored thanks to a partnership between Stony Brook, NY-based Relancer Capital (www.relancercapital.com), and a private developer. The property was purchased by the developer from the Tri-COG Land Bank (www.tricoglandbank.org), an Allegheny County, PA-based, non-profit that revitalizes neighborhoods by transitioning abandoned properties. Land banks revitalize neighborhoods by restoring abandoned properties to beneficial reuse, focusing specifically on blight remediation and do not aim to retain property ownership for an extended time period.

PITTSBURGH and STONY BROOK, N.Y., May 2, 2024 "Good homes provide the foundation for good communities," says Mitt Chen, Managing Director of Relancer Capital. "The newly renovated property at 422 James St., adds value to the community that will pay dividends beyond returns and appreciation. We're pleased with the investment and look forward to welcoming the new owner."

"Safe, affordable housing is a priority in Allegheny County. Working with responsible, private developers is an opportunity for the Tri-COG Land Bank to increase the number of transformed abandoned houses into healthy homes for residents. When sold, these properties return to the tax rolls to generate tax revenue to support our municipalities, school districts and county in providing services to residents," says An Lewis, Executive Director.

The four-month renovation includes: waterproof LVP floors, new gas and water lines, doors and windows, new modern kitchen and bath, basic landscaping and the installation of energy-efficient appliances and lights. The home was originally built in 1917 and is on a .2-acre lot.

"We're pleased with the speed in which we were able to get title, onboard local contractors, complete the renovations and bring the home to market. It's a great feeling to watch a property go from blight to blossom," says Chen who also develops properties in New York State and is actively seeking potential turnaround properties.

Relancer Capital is a real estate investment company that focuses on transforming value-add Single Family Rental Portfolios (SFR) and Mixed-Use Developments into community assets that create new ways for social and economic development while delivering stable returns to its partners.

For additional information or to speak with Mitt Chen, Managing Director at Relancer Capital, members of the media should contact: Joseph Finora: joe@josephfinora.com / 631-680-7870. ///