With a multi-million dollar investment in hand, the East Coast Opportunity Group (ECO Group) has started turning South Florida’s distressed properties into profitable investments for foreign investors, and affordable homes for cash-strapped families.
“Our investors realize that real estate in South Florida has hit its lowest point,” said Inaki Negrete, co-founder of ECO Group and former Vice President of Citi and Credit Suisse Private Bank. “Prices are poised to rise and the opportunities for long-term appreciation in the South Florida market has become a reality.”
ECO Group buys and refurbishes houses; luxury homes and condos; multi-family residential housing; and commercial properties in Miami-Dade and Broward counties. The company anticipates renovating, selling and renting more than 200 properties by the end of this year.
ECO Group secured its initial financial commitment from Latin American investors confident that the upswing in the local real estate market is a trend with staying power.
ECO Group’s strategy creates benefits beyond an investor’s bottom line. By resurrecting abandoned and foreclosed properties, the company gives families homes they can afford in neighborhoods brought back from neglect.
“Our goal is to create a boom from what has been a bust for many people for the past few years,” said Emilio Braun Burillo, one of four co-founders of ECO Group. “What’s good for the investor has turned into something beneficial for the South Florida economy.”