CEDARHURST, N.Y., Aug. 27, 2003 (PRIMEZONE) -- Consumers Financial Corporation (the "Company") (CFIN) announced today that through its subsidiary, Spartan Properties, LLC, they have signed a contract to acquire five hundred and one (501) garden apartments in Marietta, Georgia. Spartan will manage the day-to-day operations of the complex.
Marietta, a desirable suburb north of Atlanta, is located in Cobb County, approximately 15 miles north of downtown Atlanta and immediately northwest of the intersection of Interstates 75 and 285. This important interchange is home to the 1-million-square-foot Cumberland Mall, a regional super-mall that is preparing for a major renovation, including the addition of approximately 18 million square feet of office space.
Cobb County is home to several major employers, including Lockheed Martin (NYSE:LMT), which recently received new defense contracts worth over 7 billion dollars, and Home Depot (NYSE:HD), number 18 on the Forbes 500 list.
Jack Erenhaus, Chairman and COO of Consumers, stated, "There seems to be a fair amount of opportunity available in this marketplace. We have identified a number of properties that can be purchased at prices that allow for attractive current returns on investment, putting the Company in a position to realize significant potential upside returns when the market strengthens. He added, "We feel that this marketplace represents a strong buying opportunity and potentially exceptional returns for our investors."
According to some sources, the Southeast is the fourth largest economy in the world. Atlanta is the hub of economic activity in the Southeast. Population in the Atlanta metro area was more than 4.1 million in 2000. Between 1995 and 2000, the population in the Atlanta metro area increased by 18 percent. The U.S. average during that same time period was 6 percent. More than 500 people per day relocate to the Atlanta metro area. The most recent job data shows the Atlanta metro area picking up 25,600 jobs in March, while the U.S. overall lost 124,000 jobs.
About Spartan Properties, LLC
Consumers Financial Corporation (Consumers) through its subsidiary, Spartan Properties, LLC, is committed to building a real estate portfolio by acquiring, developing and managing existing properties in areas where there is a need for garden apartment housing. The Company seeks to create and maintain a portfolio with a wide value margin.
Safe Harbor
Information in this press release contains forward-looking statements that involve risk and uncertainties that might adversely affect the "Company's" operating results in the future to a material degree. Such risks and uncertainties include, without limitation, the ability of the Company to raise capital to finance acquisitions and/or mergers contemplated, and the establishment of an efficient corporate operating structure as the Company grows.