Sunstone U.S. Opportunity Realty Trust and Sunstone U.S. (2008) L.P. announces disposition of The Paragon at Kierland Apartments
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Oct. 7, 2013 /CNW/ - Sunstone U.S. Opportunity Realty Trust (the "Realty Trust") and Sunstone U.S. (2008) L.P. (the "Investment LP") today announced that they have successfully completed the disposition of The Paragon at Kierland Apartments for a sale price of $57,750,000 less standard closing costs and adjustments.
The Paragon at Kierland Apartments was originally acquired in October 2008 for a purchase price of $34,200,000, plus standard costs and adjustments. Sunstone completed the successful sale of this property in September 2013 for $57,750,000.
Steve Evans commented, "We are excited with this very profitable sale of the Paragon at Kierland-- it is very gratifying when we complete all of our property value-add initiatives with such success and it results in such a significant profit for our investors."
The sale of the Paragon at Kierland Apartments marks a significant disposition for Sunstone U.S. Opportunity Realty Trust. Most our properties were profitably sold in the last few months and we expect to close on our remaining asset mid to end of October. Around the time of the closing of the final asset, investors will receive all profit distributions.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons absent United States registration or an applicable exemption from the United States registration requirements. This release does not constitute an offer for sale of securities in the United States.
SOURCE Sunstone Realty Advisors Inc.For further information:
Andrew Greig, Director of Business Development
Sunstone U.S. Opportunity Realty Trust
Sunstone U.S. (2008) L.P.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959