National Residential Properties (fka NRES)

[Joemoney]

National Residential Properties, Inc., Common Stock Buyback Program Authorized

MIAMI--(BUSINESS WIRE)--June 13, 2001--National Residential Properties, Inc. (OTCBB:NRES.OB - news); Formerly (OTCBB:NRPI.OB - news) announced today that the company Board of Directors has authorized a Common Stock Repurchase Program for up to 10% of the company common stock. The stock will be repurchased, at the discretion of the Board, from time to time on the open market between now and September 30, 2001, the end of the company fiscal year. The stock will then be retired to the treasury. Richard Astrom, President and CEO stated, ``We have started the stock repurchase program to demonstrate our faith in the company and to enhance stockholder value.''

National Residential Properties, Inc. is a public company trading on the OTCBB under the symbol NRES.

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. Current pictures of the company projects are on the company website: http://www.nresp.com. 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: started construction on the 2nd level of parking at the Conquistador Plaza Apts.; and that the foundation for the perimeter wall is 100% complete; and the steel is 100% complete for the perimeter wall around the basement 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: At Eagle Trace, Vero Beach, the lake is 100% excavated; Roads are 25% completed; Storm drainage pipe is 35% complete; and Storm Drainage Structures are 44% complete. Eagle Trace is a 62 unit subdivision that is being developed by the company. One third of the lots are on the lake. OFFSITE: Sewer pipe is being installed along Kings Highway to connect subdivision sewers to county central sewerage system. NRES is being reimbursed by county for offsite sewers.

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 its 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, 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. This project has been sold for $1,350,000 and will close in the near future, generating a $750,000 profit for the company.

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.