JUNO BEACH, Fla., July 20, 2005 (PRIMEZONE) -- Universal Property Development and Acquisition Corporation (OTCBB:UPDA), a Nevada corporation, has formalized its agreement with Bratenahl Estates Development, LLC., an Ohio Limited Liability Company, to acquire Bratenahl Extension, LLC., the owner of an 83 unit apartment complex on Lakeshore Boulevard in Cleveland, Ohio, in a $1.5 million transaction involving stock, cash and assumption of debt. By acquiring Bratenahl Extension, with its existing financing and cash portfolio of approximately $300,000.00, the venture will undertake to renovate, remodel and sell an apartment complex with views of Lake Erie.
According to Universal spokesperson, Chris McCauley, "This acquisition is an example of Universal's plan to acquire underperforming and undervalued real estate through joint ventures and partnerships with property owners and developers. The project is consistent with our intention to renovate and remodel to increase value and then sell the assets. We are excited to announce this acquisition and joint venture as an demonstration of our long term goals."
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.