The Real Estate Division of Primco Management has launched its first property development Joint Venture with highly renowned Whittier, California based property developer and construction company Total Resources Inc. The joint project, known as "Tuscany Villas", is an upscale 60 townhouse development on a 3.55 acre site located in Corona, California, for which building approvals and tract divisions have already been obtained.
Primco's real estate development division is headed by Vice President of Operations, Ramiro Guzman. For over 20 years, Mr. Guzman has managed, owned, operated and managed real estate and construction companies and has been a real estate broker and licensed by the DRE since 1991, with proven history of outstanding results in acquiring, rehabilitating, and selling properties.
We are extremely excited to launch our real estate division's operations with such a well-positioned and strategically important residential construction such as "Tuscany Villas" in Corona, California. This unique opportunity provides our shareholders with hard assets and diversification as we hit the ground running with this already approved and building ready project. The Los Angeles area is leading the country's rebound with rapid appreciation in real estate market values and will continue to ride the wave for years to come. With this construction, we are projecting net profits in excess of $ 5 million from the sale of the townhouse units. The project calls for the sale of units in three phases enabling us to finance subsequent phases with the cash flow from earlier phases. Our multi-year joint venture with Total Construction Resources will result in several other carefully evaluated, planned and lucrative real estate opportunities.