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National Residential Properties (NRES)
National Residential Properties, Inc. President, Richard Astrom Interviewed
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Saturday, May 12, 2001 4:06:52 AM
National Residential Properties, Inc. President, Richard Astrom Interviewed By CEOcast.com
MIAMI--(BUSINESS WIRE)--May 9, 2001--National Residential Properties, Inc. (OTCBB:NRES.OB - news; Formerly OTCBB:NRPI.OB) announced today that the company's Chairman and CEO, Richard Astrom, was interviewed by CEOcast.com, a leading online financial forum. National Residential Properties, Inc. is a public company trading on the OTCBB under the symbol NRES.
To access this interview of May 8, 2001, simply log on to www.CEOcast.com and select the National Residential Properties, Inc. interview from the list offered.
ABOUT THE COMPANY
NRES, based in Miami, is a fully reporting company. NRES has 6 major projects where the company owns the land and is either under construction or in the plans and permitting process. The company's business is real estate development. NRES projects are: Building a 60 unit luxury apartment house in Miami known as GRANADA GRAND, upon sale the company will generate $7,000,000 revenues and $2,500,000 net income in 2002.
Building a 60 unit luxury apartment house in Miami known as CONQUISTADOR PLAZA, now under construction, generating $7,000,000 revenues upon sale, and $2,500,000 net income in 2002; CONSTRUCTION UPDATE: Concrete is being poured for the foundation, basement and columns to support the second garage level at the Conquistador Plaza Apts. The building site is 2270 SW 32 Ave, Miami, Florida.
Now under construction, the company is developing a subdivision in Vero Beach, Florida, known as EAGLE TRACE. EAGLE TRACE is a heavily deed restricted, walled, gated community with a lake in the center. NRES will build houses and sell lots to other builders. The sale of the lots in EAGLE TRACE will generate $1,500,000 net income in year 2001-2002. CONSTRUCTION UPDATE: The lake in the center of the property has been dug.
A 60 unit condominium project known as THE RESIDENCES AT BAY HARBOR, located on Bay Harbor Island, which will generate $12,000,000 in revenues and a $2,500,000 profit to the company in year 2002. The building is pre-sold to one buyer before being built, generating $2,500,000 profit to the company.
A 70 unit apartment house in Miami known as BARCELONA APARTMENTS, generating upon sale $8,000,000 revenues and $3,000,000 net income in 2002. ENCORE SERVICES, INC. is a licensed building contractor, and a wholly owned subsidiary, which is building the company projects thru it's affiliate Encore Builders Inc. and subcontractors.
NRES will joint venture a group of 6 Adult Communities in Connecticut with CT Adult Condominiums LLC. The first land purchase is in Hebron, Conn On the Hebron parcel 80 condominium units will be built, 2 units per building. Similar projects, under option contract and part of this venture, and are in the planning and zoning process for the towns of New Milford, East Windsor, Granby, Watertown and Torrington, all in Connecticut. NRES will take title when sites have approval from municipalities for zoning, water and sewer.
Forward-looking statements in this press release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, competition, completion problems, technological changes and other risks.
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