Prime Income Asset Management Receives Community Development Block Grant from the Mississippi Development Authority

This grant will assist in the development of Phase One of Toulon Apartments in Gautier, Mississippi. Phase One of this property will consist of ten, three story residential buildings containing a total of 240 units and a 3,730 square foot clubhouse. The one and two bedroom apartment homes will feature 9 foot ceilings, crown molding, ceramic tile flooring, euro cabinets, built in microwaves, walk-in closets, french doors, and a full size washer and dryer in each unit.

Gautier, Mississippi is one of the fastest growing communities in Jackson County. Sitting along the Gulf of Mexico, the city has a population of over 11,000 residents. In 2005 Gautier was one of the many cities affected by Hurricane Katrina. Many of the city’s coastal homes were destroyed or flooded. Prime Income Asset Management’s Toulon Apartments will provide much needed affordable housing in the region.

“This is part of an almost $1 billion effort to construct or provide access to affordable housing in the Mississippi counties most affected by Hurricane Katrina,” said Jon Mabry, Chief Operations Officer of the Mississippi Development Authority Disaster Recovery Division. “We are pleased to partner with KLP Toulon Apartments to provide these units, and certainly this workforce housing initiative will help sustain the job base in one of our state’s most important industrialized counties.”

MDA administrates more than $5 billion in Katrina recovery funds, of which the majority is slated for recovering housing stock in Harrison, Hancock and Jackson counties.

“We are proud to work with the MDA to bring jobs and affordable housing to the Mississippi Gulf Coast,” said Al Crozier, Executive Vice President of Prime’s Residential Development division. “Prime Income Asset Management strives to participate in projects that better the quality of life in the surrounding communities.”

Prime Income Asset Management, LLC (www.primeasset.com) is a Dallas-based real estate management company and energy sector advisor, which owns, develops and manages in excess of $3.5 billion of commercial real estate for public and private real estate entities and advises energy companies with both domestic and international gas, oil and electricity operations. Affiliated companies also under management or advisement by Prime include American Realty Investors, Inc. (NYSE: ARL), Transcontinental Realty Investors, Inc. (NYSE: TCI) and Income Opportunity Realty Investors, Inc. (AMEX: IOT) Gene E. Phillips (www.genephillips.org) serves as an advisor.

Prime Income Asset Management
Chris Childress, 469-522-4275
press@primeasset.com