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National Residential Properties, Inc.- Construction 2 Weeks Ahead ofSchedule; Conquistador Plaza Starts 3rd Level of Construction
MIAMI, Jul 24, 2001 (BUSINESS WIRE) -- National Residential Properties, Inc. (OTCBB:NRES.OB); formerly (OTCBB:NRPI.OB) announced today that the company has started construction on the 3rd level of construction of the 60 unit apartment house known as Conquistador Plaza Apartments. The first two levels are parking and the third level is the first of four floors of apartments.

July 17, 2001 The Wall Street Network announced that the company's CEO and President, Richard Astrom was interviewed as one of the Bulletin Board's most active issues. To hear the interview visit http://www.wallst.net/ and click on the link for National Residential Properties. Richard Astrom, the company's President said "he was honored to be interviewed by Mike Manion and that he felt The Wall Street Network does an exceptional job in helping investors learn about investment opportunities in public companies".

July 12, 2001 the company announced that all debt incurred by subordinated debentures have been paid off and the final conversions to stock has been made.

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

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 3rd 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 thru 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.

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, Miami

Richard Astrom, 305/573-8882
Fax: [phone]
http://www.nresp.com

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