Cuentas enters operating agreement to develop 360 unit apartment complex

Cuentas is adding to its growing affordable real estate portfolio, signing an operating agreement to develop a 360 apartment complex near Tampa, Florida, to be called "Arden By Cuentas Casa". The project will be managed by Brooksville Development Partners and will be built on a 21.8 acre parcel of land in Brooksville Florida, a suburb of Tampa and a short drive from Clearwater beaches. Cuentas initially invested in the property purchase and is the majority shareholder in the project. Arden is the second project in the Cuentas Casa initiative, delivering on management’s goal of creating affordable real estate that is also sustainable real estate, and utilizing the Company’s growing financial toolset to make home rental available to those who have previously been left out of the system. The Development will be utilizing the patented, leading edge construction technology from Renco USA, featuring Renco’s MCFR Construction System which provides cost efficiency, reduced build time, and provides sustainable benefits. Rather than relying on government subsidy, management is focusing on combining the cost benefits of innovative, patented construction techniques with the alternative credit and financial management tools in the Cuentas platform to deliver a superior product for rental at an unexpectedly affordable price. Cuentas is investing $2M out of the contracted $5.1M price to complete acquisition of the property, which is expected to close next week. Cuentas has the exclusive rights to offer additional Cuentas Services to potential renters. When completed, the property will have over 346,000 square feet of rentable space.