Dev Equity’s investment in Proinmobiliaria is to support the creation of a low-income housing project outside of Quito, Ecuador. The Los Ceibos project will consist of 545 multifamily residential units (2 bedrooms, 53 square meters each) and 274 parking spots.
The units will sell for approximately $40,000 USD. With the help of subsidized mortgage interest rates for low-income home purchase from the government of Ecuador, these are within the reach of the working low-income families in the area.
Provides the opportunity for 565 low-income residents to purchase a home in a safe, beautiful and supportive community.
The company has begun its sales process, and is seeing strong demand from the community. Interestingly, 42% of its initial buyers are single women. Many of these buyers are single mothers who have been living with their families, but are anxious to find homes of their own. The Los Ceibos project is designed as a community, with shared outdoor spaces and other common facilities, to create a sense of community and a safe home for the buyers and their families.
There is a shortage of quality affordable housing options for low-income families in Quito and its surrounding areas. Proinmobiliaria envisions the Los Ceibos project as the first of over 5,000 new affordable housing units they plan to develop and build over the next 5 to 7 years in the Quito area.
What is exciting about Los Ceibos is the backing of its renowned parent company, Proinmobiliaria. Proinmobiliaria has established itself as one of the leading real estate developers and builders in the Quito area for over 20 years. They have extensive experience building everything from middle and high-end housing to commercial and office space, and even the US Embassy in Quito.
We are excited to see such a professional and well-established builder as Proinmobiliaria expand its focus into serving the low-income communities.