TACOMA, Wash., Sept. 19, 2006 (PRIMEZONE) -- As part of its strategy to build a portfolio of rental property in the Pacific Northwest, Freshstart Properties Inc. (Pink Sheets:FSPP) announces the acquisition of a two-unit apartment building in Tacoma, WA. The building, formerly a large Victorian home, is located at 1419 South Anisworth Ave. in Tacoma. The property consists of a three bedroom unit and a two bedroom unit. The purchase price of $215,000 will be seller-financed by two notes, one long-term ($127,000), and one short term ($88,000). This transaction is expected to be finalized within the next 30 days.
According to Mr. Maherali, President and Chief Executive Officer, the rental market is experiencing a strong demand and higher rents as the residential market continues to soften. "The multi-family sector in the Tacoma area continues to thrive and we are uniquely positioned to take advantage of this situation by adding to our rental portfolio." The acquisition announced today highlights the continued growth potential for this region of the country.
Freshstart Properties Inc. is a publicly traded real estate development company operating in the Pacific Northwest. The company's principal objective is to create equity and long-term earnings growth through the acquisition and development or renovation of undervalued and foreclosed real estate.
The Freshstart Properties Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2805
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