National Residential Properties, Inc. Eagle Trace Subdivision Approaching Completion
Conquistador Plaza 35% Complete
Closing Date Set for Sale of Connecticut Properties
MIAMI--(BUSINESS WIRE)--Sept. 5, 2001--National Residential Properties, Inc. (OTCBB:NRES.OB - news; Formerly OTCBB:NRPI.OB) announced today that development of the company owned subdivision in Vero Beach, EAGLE TRACE, is 75% completed. The offsite sewerage is 90% completed and only needs be hooked up to the onsite sewerage system. The company has been reimbursed for offsite sewerage by Indian River County. The onsite water and sewerage system is 92% complete. When completed the subdivision will be a gated, walled subdivision with each lot having water and sewers. A lake has been dug in the center of the subdivision creating 20 waterfront lots. There are a total of 62 lots in the subdivision.
Richard Astrom, President, said: ``We expect the streets to be paved this month, followed by the entrance gate-wall and landscaping. We are pleased with construction and expect the subdivision to be ready for the winter season when retirees from the north visit the Florida Gold Coast in large numbers. We are in negotiations with buyers and home builders.'
At Conquistador Plaza, the 60 unit apartment building the company has under construction at 2270 SW 32 Ave, Miami, the construction of the 3rd floor is being finished and preparations are being made for the concrete pour of the 4th floor. Richard Astrom, President, said: ``We have been advised by the engineers that the project is approximately 35% completed. We expect to have the building finished and tenants in the building before the end of 2001.'
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. 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 its expenses incurred. The closing date for the transaction has been set in September, 2001.
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.
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. 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.
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 its expenses incurred. The closing date for the transaction has been set in September, 2001.
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.
Signed,
Joemoney =D
