HOUSTON, Oct. 18, 2005 (PRIMEZONE) -- Window Rock Capital Corporation, (Pink Sheets:NWMN), a real estate asset development company, announced that it has entered into a definitive agreement with RPM Ventures, LLC (dba Reynolds Family Homes), under which the companies will jointly develop and manage 100 building lots in downtown Columbus, Ohio.
RPM Ventures has an exclusive contract with the City of Columbus to develop affordable housing on in-fill lots in the U.S.'s 15th largest city. There is currently a deficit of 22,000 affordable housing units and 6,000 households are currently on Columbus' public housing waiting list. Columbus is experiencing a condominium boom in the city center.
Charles Shirley, CEO of Window Rock, stated, "We are pleased to participate in RPM's exclusive contract with Columbus to add value to city-owned real estate. Fortunately, other developers began building downtown, rapidly increasing the value of our properties."
"RPM is glad to have found a partner like Window Rock, who has experience in this arena and will allow us to take advantage of our exclusive contract with Columbus," said Tony Reynolds, chief managing member of RPM.
Shirley continued, "In today's white-hot real estate market, RPM will add value for our shareholders through its strategy and expertise in purchasing real estate well below market value, redeveloping and creating safe, new housing."
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