Today, Nexia Holdings, Inc. announced that it has signed a Real Estate Purchase Agreement with Casey J. Coleman to acquire two residential properties, both located in Salt Lake City, Utah. The estimated value of the properties is estimated to be $465,000 which will be paid with 93,000 shares of restricted Series C Preferred Stock.
Both properties are fully occupied single-family dwellings. The company believes the purchase of these properties will serve as an example to other potential sellers and could add additional credibility to the soundness of Nexia’s Real Estate Acquisition Strategy.
Richard Surber, CEO of Nexia Holdings, stated, “The acquisition of these homes is merely the tip of the iceberg. These two properties coupled with the recent acquisition of a triplex should add nearly $1M to Nexia’s balance sheet and the Nexia real estate team has barely begun its acquisition efforts.”
“I anticipate by the end of December Nexia may be able to acquire another 10 to 20 properties which could add as much as $2.5M to Nexia’s balance sheet. Everything that I am seeing tells me that it is very possible that Nexia could acquire vast amounts of residential properties with no cash. Furthermore, Nexia could end up owning the properties free and clear of all debt within 24 months of acquiring the properties based upon its strategy,” he added.
Casey J. Coleman, the seller, commented, “This was a perfect opportunity to sell my real estate… I am very satisfied with the structure of the transaction and have a great deal of confidence that Nexia’s real estate strategy and other operations will be reflected in the value of Nexia. I am bullish on Nexia based upon my due diligence of their plans to create value.”
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