TORONTO, May 8, 2013 /CNW/ - Timbercreek Asset Management Inc.
("Timbercreek" or the "Manager") is pleased to announce on behalf of
Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund"), a
joint venture between Timbercreek and Elco Landmark Residential
Holdings ("Elco Landmark"), it has completed the acquisition of 788
residential units across two multi-residential properties (the
"Acquisition") located in Cary, North Carolina for approximately $55.7
million. The Acquisition is the second for the Fund since the
completion of its initial public offering on October 25, 2012.
"We are pleased with this acquisition, as it not only satisfies the
Fund's investment criteria, but has also allowed us to quickly grow the
portfolio of properties within the Fund." said Ugo Bizzarri, Founding
Managing Director, Portfolio Management and Investments at Timbercreek.
"We are currently raising additional capital, with a second public
offering, in order to continue taking advantage of attractive
acquisition opportunities, like this one, available in the targeted
Prior to this acquisition, the Fund's portfolio consisted of 1,380 units
across four other multi-residential properties, which were acquired in
December 2012, and are located in the southeastern United States,
specifically Austin, Texas, Charlottesville, Virginia, Charlotte, North
Carolina and Chapel Hill, North Carolina.
The Fund is focused on acquiring undervalued and/or undermanaged
multi-residential assets located in the southeastern United States, at
an advantageous price and significant discount to replacement cost.
The Fund is sponsored and managed by Timbercreek and operated by Elco
The Fund's primary focus is on enhancing the value of the assets it
acquires by implementing an actively-managed repositioning and
renovation program, designed to invest capital into a property to
improve both cosmetic and structural elements.
The total return objective of the Fund is to generate a 15% internal
rate of return (or average annualized total rate of return) on a
pre-tax basis and net of all fees and expenses, including a quarterly
distribution with an annualized yield of 4%- 5% (which includes the
allocation to Unitholders of U.S. taxes paid by the Fund).
About Timbercreek Asset Management:
Timbercreek is an active investor, owner, and manager of global real
estate and related assets focused on delivering sustainable and growing
returns to investors. Timbercreek employs a value-oriented investment
philosophy with an active management style to identify opportunities
that generate predictable and sustainable long-term cash flow.
Timbercreek currently manages approximately $3.2 billion in assets
through its various private and public funds, predominately focused on
the real estate sector.
About Elco Landmark Residential:
Elco Landmark Residential Holdings is a real estate investment firm that
owns interests in and operates 49 multi-residential properties
containing 15,175 units located throughout the southeastern United
States. The company aims to unlock hidden value and unrealized cash
flow through the below market acquisition and repositioning of
mid-income multi-residential properties in the South, where the
management team has proven expertise and a competitive advantage. Elco
Landmark Residential is headquartered in Tampa, FL and is a member of
The ELCO Holdings family of companies.
SOURCE: Timbercreek U.S. Multi-Residential Opportunity Fund #1
For further information:
Timbercreek Asset Management Inc.