Sunstone U.S. Opportunity (No. 2) Realty Trust Announces Sale of The Preserve and San Brisas
/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.2) Realty Trust ("Sunstone") announced today that it has sold its 50% interest in The Preserve at Arbor Hills, located in Dallas, Texas for US$20,500,000 less standard closing costs and adjustments. In addition, Sunstone has sold its 80% interest in San Brisas Apartment Homes for US$22,640,000 less standard closing costs and adjustments. These profitable dispositions were completed on August 28, 2014.
The 50% interest in The Preserve at Arbor Hills was acquired by Sunstone in March 2011 for US$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.
The 80% interest in the San Brisas Apartment Homes was acquired by Sunstone in November 2009 for US$15,200,000 plus standard closing costs and adjustments. San Brisas Apartments is a 208-unit multi-family housing complex comprised of 26 two-storey stucco buildings with units ranging in size from 702 to 1,278 square feet. The 13 acre property is located in Chandler, a southeastern suburb of Phoenix, and includes a pool, social centre, exercise facility and reception building.
Sunstone intends to complete closing audits on the properties 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. 2) Realty TrustFor further information: Andrew Greig, Director of Business Development; Sunstone U.S. Opportunity (No. 2) 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