SOURCE: Freshstart Properties Inc.

March 05, 2007 08:30 ET

Freshstart Properties Revenues Continue to Keep Growing

Company Acquires Multi-Family Building

TACOMA, WA -- (MARKET WIRE) -- March 5, 2007 -- Freshstart Properties Inc. (PINKSHEETS: FSPP) acquires a four-unit apartment building in Tacoma, WA. The property is a Victorian-style building located at 1522 South M Street in Tacoma. It consists of a two bedroom unit, two one bedroom units, and a studio. The purchase price is $325,000. The unit will provide a rental income of $2220/month allowing FSPP to create a 9.5% return at the time of the acquisition.

President and Chief Executive Officer, Mr. Maherali, states, "We will continue to build our asset base and focus on growing our revenues. This purchase helps us achieve both of those objectives." This acquisition announced today highlights the continued growth potential for this region of the country. According to a global leader in real estate, rent prices in the Seattle/Tacoma area have risen 4% while vacancy levels have declined to 4.7%.

About Freshstart Properties Inc.

Freshstart Properties Inc. (PINKSHEETS: FSPP) 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.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Contact Information

  • Contacts:

    Freshstart Properties
    Tel: (253) 383-7194
    Email Contact

    Project Analyst
    Therese Pershall
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    Tel: (701) 297-7663