Sunstone U.S. Opportunity (No. 3) Realty Trust announces sale of The Preserve at Arbor Hills
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Aug. 29, 2014 /CNW/ - Sunstone U.S. Opportunity (No.3) Realty Trust ("Sunstone") announced today that it has sold its 50% interest in The Preserve at Arbor Hills, located in Dallas, for a total of $20,500,000 less standard closing costs and adjustments. This profitable disposition was completed on August 28, 2014.
The 50% interest in The Preserve at Arbor Hills was acquired by Sunstone in March 2011 for $16,887,500 plus standard closing costs and adjustments. The Preserve at Arbor Hills is a 330 unit multi-family housing complex comprised of 4 two-storey and 13 three-storey buildings. The units range in size between 692 and 1,415 square feet and have an average of 940 square feet. The 15.302 acre property is located in Plano, an upper-class neighbourhood that is central to several major highways, two large upscale malls, and the Dallas-Fort Worth airport. The complex includes a swimming pool, heated spa, professional services room, clubroom, 24-hour fitness centre and picnic areas with barbecue grills. The property is located adjacent to the Arbor Hills Nature Preserve, a 200-acre park featuring areas for jogging, hiking and other outdoor activities.
Sunstone intends to complete a closing audit on the property prior to distributing all of the net proceeds to unitholders. Sunstone anticipates this process to be completed in late September or early October.
In early 2015, Sunstone will create an online questionnaire that will allow unitholders of record to receive tax slips and tax returns for the 2014 tax year as required by the Internal Revenue Service (the "IRS"). This website will be the only opportunity for unitholders to receive their U.S. tax slips. Sunstone will provide additional information in due course.
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, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
SOURCE Sunstone U.S. Opportunity (No. 3) Realty TrustFor further information: Andrew Greig, Director of Business Development, Sunstone U.S. Opportunity (No. 3) Realty Trust, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 681-5959 or (888) 681-5959, E-mail: Andrew@sunstoneadvisors.com