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(NRES)National Residential Properties, Inc., All Debt Incurred by Subordinated Debenture has Been Liquidated

THURSDAY , JULY 12, 2001 07:10 AM

MIAMI, Jul 12, 2001 (BUSINESS WIRE) -- National Residential Properties, Inc. (OTCBB:NRES.OB) formerly (OTCBB:NRPI.OB), announced today that all debt incurred by the current subordinated debenture has been paid off and the final conversion to stock has been made.

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. The
building is under construction at 2270 SW 32 Ave., Miami and the
2nd level of parking is under construction.

-- 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. Eagle Trace is a 62 unit
subdivision that is being developed by the company. 1/3 of the
lots are on the lake. At Eagle Trace, Vero Beach, the lake is 100%
excavated, Roads are 45% completed, Storm drainage pipe is 50%
complete and Storm Drainage Structures are 54% complete. 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 through it's affiliate Encore Builders Inc. and
subcontractors.

-- The company has a project of 6 sites in Connecticut where the
company would develop condominiums for Seniors of over 55 years in
Hebron, New Milford, East Windsor, Granby, Watertown and
Torrington, all in Connecticut. The company owns the land in
Hebron. Title will be taken when sites have approval from
municipalities for zoning, water and sewer. All the land in all
the projects, before being developed has been contracted for sale
to another developer wherein NRES will receive a $1,000,000 profit
over and above it's expenses incurred and the transaction will
close in the near future.


The company has authorized a stock repurchase program for up to 10% of the company common stock.

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.


CONTACT: National Residential Properties, Inc., Miami
Richard Astrom, 305/573-8882
Fax: [phone]
Web Page: http://www.nresp.com

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