CEDARHURST, N.Y., June 11, 2003 (PRIMEZONE) -- Consumers Financial Corporation (the "Company") (OTCBB:CFIN) announced today that it obtained a contract to acquire 204 garden apartments in the Tampa/St. Petersburg, Florida area.
The Tampa/St. Petersburg MSA is viewed to be one of the best long-term markets for investors in the Southern U.S. The overall population of the Tampa/St. Pete MSA is approximately 2,500,000, and with excellent immigration figures projected every year moving forward, the long-term economic outlook for the area is very positive.
With an unemployment rate well below the national average, inclusive of the large number of retired residents moving to the area every year, the outlook for apartment owners shows healthy year over year rent growth. Median home prices in Tampa are on the rise and will keep the apartment rental market strong for years to come.
Tampa leads the state of Florida in job growth and was recently rated by Site Selection Magazine as one of the "Top 10 corporate relocation centers in the world."
Spartan Properties, LLC of Chicago, a subsidiary of Consumers Financial Corporation, will manage the day-to-day operation of the complex.
Jack I. Ehrenhaus, Chairman and Chief Operating Officer stated, "This most recent transaction continues our strategy within our Real Estate program. We are continuing to analyze other opportunities, and will be aggressive toward growth and returns."
About Consumers Financial Corporation
Consumers Financial Corporation, through its subsidiary, is committed to building a Real Estate Portfolio by acquiring, developing and managing existing properties in areas where there is a need for garden apartment housing. The company seeks to create and maintain a portfolio with a wide value margin.
Safe Harbor
Information in this press release contains forward-looking statements that involve risk and uncertainties that might adversely affect the "Companies" operating results in the future to a material degree. Such risks and uncertainties include, without limitation, the ability of the Company to raise capital to finance acquisitions and/or mergers contemplated, and the establishment of an efficient corporate operating structure as the Company grows.