DALLAS--(Business Wire)--
Prime Income Asset Management and Port Olpenitz GmbH recently introduced the
first completed model to the German press. Port Olpenitz, a 425-acre holiday
resort located in the northeastern section of Schleswig-Holstein, Germany. Being
developed on land that is the site of the former Olpenitz naval base between the
mouth of the River Schlei and the Baltic Sea, Port Olpenitz is a joint venture
between HarmInvest GmbH, Berlin, and American Realty Investors, Inc. (NYSE:
ARL), an affiliate of Prime Income Asset Management.
The two story model, named Gunneby, is approximately 1,300 square feet with two
bedrooms, two baths, and a sauna. The property also features private dock access
to the Schlei-River and Baltic Sea - just 30 feet away from the water. The home
is one of 1,000 vacation homes being built in the Port Olpenitz holiday resort.
There are also plans for a 400 room hotel with marina, as well as approximately
2,500 docks throughout the entire development. Port Olpenitz is located just
outside the gates of the Town of Kappeln on the site of the former Olpenitz
naval base, which still houses an historic lighthouse that served as a beacon to
guide ships into port. Prime Income Asset Management, along with Port Olpenitz
GmbH and HarmInvest GmbH, intends to transform the area into a blossoming port
village with vacation homes with individual boat piers, hotels, restaurants,
cafes, an 18-hole golf course and all manner of leisure activities.
"Port Olpenitz is a unique example of how the interests of the developer and the
interests of the environmentalists can both be met when we work together to find
common ground. Our resort will provide exclusive one of a kind vacation homes,
and at the same time preserve and protect the surrounding environment,"
explained Jaksa Harm, Managing Partner at Port Olpenitz GmbH
Port Olpenitz GmbH has introduced zoning changes due to mutual concessions
between the developer and several environmental associations. A river landscape
with 300 additional homes has been added between the harbor and newly designed
golf course and several front harbor vacation homes will now be placed 500 to
1,500 feet off shore in order to maintain the land reserve.
"We have always aimed to preserve the environmental beauty of the area and the
agreed conditions between our company and the environmentalists will benefit
everyone. With the newly established reserve the vacation homes will have
permanent unobstructed ocean views to Denmark, as well as complete privacy to
the North," adds Gene E. Phillips advisor to Prime Income Asset Management.
Prime Income Asset Management, LLC (www.primeasset.com) is a Dallas-based real
estate management and energy sector advisor, which develops and manages in
excess of $3.5 billion in value of commercial real estate and energy related
assets for various public and private entities. Prime also provides direct or
sub-advisory services to both domestic and international entities engaged in
real estate, gas, oil, electricity and communication operations. Entities
advised or assisted by Prime include American Realty Investors, Inc. (NYSE:ARL);
Transcontinental Realty Investors, Inc. (NYSE:TCI); and Income Opportunity
Realty Investors, Inc. (AMEX:IOT). From time to time, Prime consults with Gene
Phillips (www.genephillips.org) who serves in a senior advisory capacity with
Prime.
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Prime Income Asset Management
Chris Childress, 469-522-4275
press@primeasset.com
Copyright Business Wire 2009
