BIRMINGHAM, Mich., June 29, 2011 /PRNewswire/ — ProGreen Properties, Inc. (ProGreen), OTCQB-PGEI, www.progreenproperties.com, is pleased to announce the following business update.
Having established and implemented the ProGreen concept in our wholly owned properties, producing a solid rental record over the past year, reaching over 15% return, ProGreen is now ready to move to the next level of property investments.
ProGreen is now aiming to acquire large scale multi-family properties and is presently looking at several bank-owned complexes, ranging from 67 to 300 units. ProGreen believes there is immediate opportunity to acquire highly distressed multi-family properties in Michigan as well as in some other areas, where the implementation of the ProGreen concept will create a new aspect and attraction to apartment living.
ProGreen is also looking into the viability of taking the ProGreen concept even further in connection with these larger projects, with possible implementation of solar technology as well as other advanced sustainable eco solutions.
ProGreen’s goal is to be able to present its first “green” apartment complex, attracting a new generation of renters, that appreciate and believe in the need for green technology in the residential market place. There is no doubt in our mind, that this “new” type of renter – who understands the benefit of living in an eco-friendly home, providing more comfort as well as reduced utility costs – will consistently grow over the coming years.
If ProGreen’s multi-family properties can be in the forefront of this “new wave” of green apartment living, it will generate better tenant loyalty, higher occupancy, with corresponding higher rental returns and in the process increase real estate values.
As conventional financing is presently very restricted in the US, we have identified several European investor groups, with whom we are presently in discussion with, to partner up with ProGreen for the financing of these larger projects. We are also reviewing other potential real estate lenders in the US, to secure the necessary financing.
“We are very excited to now be able to focus on bigger projects, vital for our company to be able to create substantial growth. Our experience gained during the past year, has been extremely valuable and will serve as a spring board for larger property investments. We can see the coming two years being a ‘window’ for very good opportunities. In our opinion, timing is now right as we believe the real estate market has now bottomed out and some ‘green shoots’ are starting to show in the real estate market,” says Jan Telander, President & CEO.
ProGreen Properties, Inc. (ProGreen) (OTCQB: PGEI) is a young company (2009) based in Birmingham, Michigan. ProGreen is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern, comfortable and more energy efficient homes. ProGreen believes that Michigan offers some of the best investment opportunities in the presently distressed US property market.