National Residential Properties, Inc.'s Eagle Trace - 6 Houses to be Started
Residences at Bay Harbor Mortgage Signed
Closing Date Set for Sale of Connecticut Properties
MIAMI--(BUSINESS WIRE)--Sept. 18, 2001--National Residential Properties, Inc. (OTCBB:NRES.OB - news; Formerly OTCBB:NRPI.OB) announced today that it has received 6 firm commitments from home builders to build homes at Eagle Trace Subdivision at Vero Beach. Subdivision development is 75% completed at EAGLE TRACE. 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 very pleased with these commitments and acceptance of the subdivision by the local community and expect additional builders to commit to lot purchases and building of houses as model homes for additional construction. We expect the subdivision to be ready for the winter season where retirees from the north visit the Florida Gold Coast in large numbers.'
At RESIDENCES AT BAY HARBOR a mortgage has been signed for $675,000 with a local bank at 8.125% interest.
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 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 projects, before being developed have been contracted for sale to another developer wherein NRES will receive a $1,000,000 profit over and above its expenses incurred. The company is preparing for the closing of the transaction which has been set for September, 2001.
The company has authorized a stock repurchase program for up to 10% of the company common stock.
The board of directors of the company has authorized a 10% dividend and is awaiting legal opinion as to effective date of the dividend.
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. All the land in all the projects, before being developed have 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.
AI
