Centercon Properties started its activities in the United States in 2005 with the objective of investing in real estate.
Began investing in the high-end housing market in Key Biscayne, Fisher Island, and Brickell area.
With the US real estate crisis in 2007 and prices falling sharply, the company realized that the price dropping did not happen with the same intensity in the high-end luxury real estate. Those who had this type of property was little affected by the crisis and did not see the necessity of selling; they quietly waited for the crisis to pass. Centercon saw a very small devaluation of its assets, and this strengthened its cash to continue investing.
In 2009, just two years later, Centercon started to invest in the distressed real estate that the crisis had generated. The company identified 1,200 condominiums, of which 750 had the potential for its purchase model of local owners, medium class, apartments, and townhouses. They were in a region that ran from Palm Beach to Homestead, a distance of no more than an hour and a half driving radius from the central office in Miami. The company bought from owners who were selling their properties to stop paying the high debt of their mortgages and massive devaluation, short-sales, foreclosures, banks and mortgage institutions. Centercon bought, renovated all properties in the same internally standards, and rented.
Thus, Centercon set up a collection of more than 1,000 units with high-performance proceeds. As of 2012, the company began selling small portfolios to investors attracted by the high producing income properties. These investors took advantage of the excellent cap-rate Centercon created, and the entire inventory sold out. All this process and cycle ended with the total exit of the investment in 2014 with excellent results.
From 2015, Centercon starts investing in commercial properties such as hotels, co-working, food-hall, entertainment, luxury vacation homes, co-living, and other related or diversified projects that are still under development.