DALLAS – October 23, 2007 – Provident Realty Advisors, Inc., recently purchased 2,795 acres of undeveloped land on the Bolivar Peninsula of Texas' Gulf Coast. Located near High Island less than a mile west of the intersection of state Highways 124 and 87, the property features almost three miles of Gulf frontage and spans the width of the peninsula from the Gulf to the Intracoastal Waterway.

The Dallas-based real estate firm partnered with PNL Cos., also of Dallas, to acquire the land which was part of the Cade Ranch.

"This land is one of the largest remaining beachfront properties on the Texas coast, so it was a very attractive investment for us," said Jay Hawes, a development partner of Provident. "We acquired the property for investment and have no immediate plans for it."

Provident anticipates spending several years working on entitlements for the property.

The Bolivar Peninsula is a narrow strip of land which stretches along the Gulf of Mexico for 27 miles in the easternmost part of Galveston County in Texas. The Peninsula, which is actually a "barrier Island", is separated by less than three miles from Galveston Island. The Peninsula is accessible by ferry from Galveston and by road, taking Interstate 10 to Highway 124 east of Houston. As of 2007, the Peninsula has a population of 4,148 people, which more than doubles during the summer months as owners of beach homes and tourists come to enjoy the many attractions of the Peninsula.

About Provident Realty
Provident Realty Advisors, Inc. is a Dallas, Texas-based, multi-faceted real estate company which has developed or invested in real estate assets with a market value in excess of $500 million. Among Provident's portfolio are large scale multi-use projects, investment property, master planned communities, multi-family projects, redeveloped retail and commercial facilities, self-storage facilities and retail projects for major corporations such as Albertson's, Target, Lowe's and Wal-Mart. Within the real estate industry, Provident has earned a reputation as a visionary leader with integrity and a track record of delivering challenging projects and above-market returns.

Media Contact: Cynthia Pharr Lee, C. Pharr & Company, 972-931-7576; Cynthia@pharrpr.com