Message #31 From:
NewsBot Date: December 4, 2006 06:01:00 AM
CBAY News Cal-Bay International Completes $24.5M Acquisition of Residential Lease Property Portfolio in Las Vegas, Nevada
CARLSBAD, Calif.--(BUSINESS WIRE)--Cal-Bay International, Inc. (OTCBB:CBAY): Cal-Bay International Today
Announced The Completion & Close Of Escrow For The $24.5M Residential
Rental Property Portfolio Of 54 Homes In Las Vegas, Nevada.
Cal-Bay International’s Management today
announced the closing of the 54 single family home residential property
portfolio acquisition in Las Vegas, Nevada.
The portfolio of single family homes has an appraised value in the
region of $24.5M and is currently approximately 91% leased. This adds
over $1.1M in reported revenue to Cal-Bays current rental portfolio. The
homes are primarily located on the SW side of Las Vegas and are mostly
under 5 years old.
Las Vegas residential property values are currently increasing at
approximately 10% per annum and the rental/lease markets in the area are
very strong.
At the time of closing Cal-Bay has a cash equity position of
approximately $1.5M based upon the appraised closing price.
Cal-Bay plans to file an 8-K Statement this week detailing the terms of
the acquisition.
Cal-Bay now owns 55 Residential properties in Las Vegas, and is
currently in negotiation for an additional major residential development
property in Nevada.
Roger Pawson/President& CEO
FORWARD LOOKING SAFE HARBOR STATEMENT: To the extent that this
release discusses any expectations concerning future plans, financial
results or performance, such statements are forward-looking within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as amended, and
are subject to substantial risks and uncertainties. Actual results could
differ materially from those anticipated in the forward-looking
statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof and
reflect only management's belief and expectations based upon presently
available information. These statements, and other forward-looking
statements, are not guarantees of future performance and involve risks
and uncertainties. The Company assumes no obligation to update any of
the forward-looking statements in this release.
