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TULSA, Okla., Oct. 12 /PRNewswire-USNewswire/ — Pyramid Real Estate Services, LLC (Pyramid) announced that it has received notice from the U.S. Department of Housing and Urban Development (HUD) that its Management and Marketing contracts are to be extended to July 31, 2008, exercising option year three of the contracts. The contracts began in Augu
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st, 2004 and can be extended through option year four. Obligated funds for both contract areas for option year three total $38,905,270.
In 2004, Pyramid was awarded two Management and Marketing (M&M) contracts covering five states. Pyramid’s corporate office is in Tulsa, OK. It has one additional office in Tulsa and one office in Nashville, TN. It employs approximately 50 people between the three locations and utilizes a variety of subcontractors.
There are eleven prime contractors in the nationwide M&M program, which is designed to manage and market homes that were collateral for FHA mortgages. The homes are assigned to the M&M contractors after foreclosure. Since the origination of the contracts, Pyramid has acquired 18,264 properties and sold 15,862.
For more information, please visit Pyramid’s website at http://www.pyramidrealestate.com.
SOURCE Pyramid Real Estate Services, LLC
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