Welcome To ProGreen Properties, Inc. (OTCQB) PGEI
PROGREEN PROPERTIES, INC. (PROGREEN) (OTCQB-PGEI) based in Birmingham, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, with some being aimed at the local real estate market and some being leased and subsequently sold to European Property Investors. ProGreen believes that Michigan offers some of the best investment opportunities in the US residential property market.
ProGreen’s business model is to purchase properties and turn them into beautiful, energy-efficient and healthier homes. We either sell them on the open market, or lease to suitable tenants who are willing to pay a little bit more in order to live in a ProGreen property, and then subsequently sell the unit to property investors.
We start with the goal to make homes energy efficient and beautiful. One of the best ways to improve energy-efficiency is with proper insulation. We then replace outdated windows, doors, furnaces and water heaters with more modern energy efficient models. We have a strong desire to improve air quality through better ventilation and filtration in heating and air conditioning systems, therefore making the residents healthier and more comfortable.
Our next aim is to maximize floor space by removing walls and creating more openness, with more natural light.We believe this is creating a “stand-out” profile of ProGreen as a rental company. It is making our properties unique in the marketplace, which will result in increased demand with sustained appreciation in value over time. As of now, we are primarily focusing on areas within Oakland County (fourth richest county in the US), with safe residential communities and sought after school districts.
(OTCQB) PGEI | Recent Developments
ProGreen Properties Provides Update on J.V. with American Residential
Collaborative Joint Venture Gaining Momentum in US Market
ProGreen Properties, Inc. (PROGREEN) (OTCQB-PGEI), announced in a press release on December 17, that the company was entering into a joint venture with American Residential Gap LLC (ARG), a real estate investment company in Sweden. This resulted in the formation of PAJV LLC (PAJV) in late DEC. The JV is based on ARG providing 100% of all funding in real estate projects performed by PAJV, with PROGREEN handling everything from acquisition to sale. Realized profits from the individual projects are then split 50/50 between the two parties.
The joint venture is already starting to produce favorable results. On January 8, 2015, PAJV acquired a property under construction from PROGREEN, and is from that time funding all cost to complete the project. The property is due for completion at the end on May and will start to be marketed in June to the public.
On January 30, 2015, PAJV closed on the acquisition of a further four residential properties. Three of these were already leased and PAJV sold these three properties to ARG on February 9, resulting in a fee for PROGREEN of 28% of total cost of properties. The fourth property has now also been leased and sold to ARG, with a fee of 24% paid to PROGREEN.
“We are very pleased with the rapid market traction with PAJV. We are currently evaluating further opportunities and remain excited about the future with ARG,” says Jan Telander, President and CEO.
About ProGreen Properties - PROGREEN PROPERTIES, INC. (PROGREEN) (OTCQB-PGEI) based in Birmingham, Michigan, is engaged in the business of acquiring, refurbishing and upgrading residential real estate into modern affordable homes, with some being aimed at the local real estate market and some being leased and subsequently sold to European Property Investors. ProGreen believes that Michigan offers some of the best investment opportunities in the US residential property market.
PROGREEN wholly owned subsidiaries:
PROGREEN REALTY LLC, purchasing, leasing and sale of properties.
PROGREEN PROPERTY MANAGEMENT LLC, management of properties sold to investors.
PROGREEN CONSTRUCTION LLC, in house construction company
(OTCQB) PGEI | Recent Headlines
ProGreen Properties Provides Update on Joint Venture with American Residential Business Wire (Tue, Mar 31)
PROGREEN PROPERTIES, INC. FinancialsEDGAR Online Financials (Fri, Mar 27)
PROGREEN PROPERTIES, INC. Files SEC form 10-Q, Quarterly Report(Mon, Mar 23)
PROGREEN PROPERTIES, INC. Files SEC form 8-K, Changes in Registrant's Certifying Accountant, Financial Statements andEDGAR Online (Tue, Feb 17)
PROGREEN PROPERTIES, INC. Files SEC form 10-Q, Quarterly Report(Dec 22)
ProGreen Enters Joint Venture Agreement with American Residential Gap LLCA (Dec 17)
PROGREEN PROPERTIES, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct FinancEDGAR Online(Tue, Nov 25)
PROGREEN PROPERTIES, INC. Files SEC form 8-K, Change in Directors or Principal OfficersEDGAR Online(Fri, Nov 7)
PROGREEN PROPERTIES, INC. Files SEC form 10-Q, Quarterly Report (Sep 22)
