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Article: National Residential Properties, Inc. Expands Development to Connecticut; Announces Joint Venture With Active Adult Communities Developer.
- Article from:
- Business Wire
- Article date:
- April 19, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
MIAMI--(BUSINESS WIRE)--April 19, 2001
National Residential Properties, Inc. (OTCBB:NRES) (Formerly OTCBB:NRPI) Richard Astrom, President and CEO announced today that: "NRES will joint venture a group of 6 Adult Communities in Connecticut with CT Adult Condominiums LLC. The first land purchase is in Hebron, Conn. NRES is paying $450,000 for the land. On the Hebron parcel, 80 condominium units will be built, 2 units per building. The individual units will sell for approximately $200,000. The focus of the community will be residents fifty-five and over. There is substantial profit to be made from building these projects. The net expected ...