August 6, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — ProGreen Properties, Inc. (OTCBB: PGEI), a firm that re-develops properties for greater energy efficiency, said it has made the first sale of a properties that the company had acquired.

The property, situated in Farmington Hills, Michigan and acquired in March this year, was refurbished and upgraded by ProGreen. ProGreen said that it sold at a price 70% higher than the purchase price with an estimated net profit of around 25% after commissions and refurbishment costs.

ProGreen lists a turnaround time of just over four months for the property, which it said was faster than the company’s estimated turnaround of six months for properties it acquires.

The company said that the property was on the market for just over two weeks, which it thinks might indicate that the ProGreen concept is being well received, even in the present soft residential real estate marketplace.

ProGreen said that the deal also represents the first sale of a property listed by ProGreen Realty LLC, a wholly owned subsidiary of ProGreen.

ProGreen has closed two more acquisitions, one in Waterford and the other in Farmington Hills, both in Oakland County, Michigan. These properties will be refurbished to ProGreen standards and marketed primarily in the same way as the property referred to above.

Within the next several weeks, ProGreen will also start marketing another larger property in a suburb of Oakland County, which it said was acquired in May and is now nearing completion.

Michigan-based ProGreen Properties was formed in 2009, and is engaged in the business of acquiring, refurbishing and upgrading income-producing residential real estate. ProGreen said it believes that Michigan offers some of the best investment opportunities in the presently distressed property market.

ProGreen's business model is to acquire, refurbish and upgrade existing properties into more energy efficient and comfortable.

The company is initially focusing on acquiring condominiums in areas within Oakland County, Michigan. It is looking to create early capital gain, generate good cash flow, as well as minimize risk exposure.

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