Phoenix Adds to Its List of Real Estate Holdings
Monday January 8, 5:00 am ET
This 32 Unit Town Home Project, Acquired for $11 Million, to Be Expanded by 32 to 35 Additional Units; Clifton C. James, Renowned Architect and Planner, to Do the Architectural Planning, Site Beautification and Development
MADISONVILLE, LA--(MARKET WIRE)--Jan 8, 2007 -- Phoenix Associates Land Syndicate (Phoenix) (Other OTC:PBLS.PK - News) announced today that it has purchased a 12-acre Town Home project located in Madisonville, Louisiana.
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Phoenix acquired this property for $11 million, and borrowed $6.5 million from Madison Realty Capital of New York City to complete the purchase.
This project includes 32 Town Home units that are to be converted from rental property to be sold as luxury Town Homes. The company expects to add another 32 to 35 Town Homes to the property, to be built by Phoenix's construction company, 3-D Builders.
Clifton C. James, the renowned architect and city planner, and new member of our company, will do all of the architectural planning and site beautification and development.
Phoenix already has three units being remodeled as current leases have expired. Those units will be sold upon completion. One unit, called the Harbor Master unit, sold within days of the purchase.
Mr. Alonzo, President and CEO of Phoenix, stated, "Since Hurricane Katrina, demand for quality living properties on the North Shore of Lake Pontchartrain has soared. New homes are being built as fast as possible, but cannot keep up with demand. This project is located directly on the Tchefuncte River at its widest part. It is just minutes from Lake Pontchartrain."
The Company currently forecasts this project, from start to sold out, will be 2-3 years and profits from this project are expected to exceed $10 million for Phoenix and its involved subsidiaries, which include 3-D Builders, 3-D Rock Creations, TCB Property Management and PBLS, LLC, which is a Nevada LLC owned solely by Phoenix with its sole asset being this development.
About Phoenix Associates Land Syndicate (PBLS)
Phoenix Associates Land Syndicate (PBLS) is a public holding company, with thousands of stockholders, that has purchased motivated companies in order to enhance its assets and income basis. Since 1978, PBLS has developed assets and/or interests in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction-related industries. For more information, visit www.pbls.biz
Forward-Looking Statements
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