American Residential Gap LLC entered into an agreement to acquire certain income producing properties from ProGreen Properties, Inc. (OTCBB:PGEI) on April 27, 2012. Post acquisition, properties sold will continue to be managed by ProGreen's wholly owned subsidiary, ProGreen Property Management LLC. The acquisition is expected to close in April 2012. American Residential Gap LLC completed the acquisition of certain income producing properties from ProGreen Properties, Inc. (OTCBB:PGEI) for $0.38 million on April 30, 2012. The consideration includes $0.144 million in cash and $0.24 million in bonds. American Residential would issue 48 bonds at $5000 each.