TORONTO, June 11, 2015 /CNW/ - Timbercreek U.S. Multi-Residential
Opportunity Fund #1 (the "Fund") is pleased to announce that it has
completed the sale of the Saratoga Ridge property located in Austin,
Texas for total consideration of $22.1 million USD. Saratoga Ridge
was purchased for $17.1 million USD as part of the Colonial Portfolio
acquisition in December, 2012.
Saratoga Ridge is the second asset to have completed the Fund's value
enhancement program. The Manager will continue to monitor performance
of the remaining assets and will seek opportunities to sell the assets,
when appropriate, in order to optimize the return on those investments.
The Fund intends to distribute available net proceeds from the sale of
Saratoga Ridge to unitholders on June 30, 2015. Further details of the
distribution will be provided in a news release prior to the time of
This press release contains forward-looking statements. There can be no
assurance that forward looking statements will prove to be accurate, as
actual results, performance and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward looking statements
About the Fund
The Fund provides investors with the opportunity to achieve attractive
total returns from an asset class that has historically generated
strong and stable long-term cash flows. The targeted 15% IRR is
inclusive of a 4-5% pre-tax yield paid quarterly. The Fund focuses on
an active, value-add investment strategy to acquire and improve
multi-residential real estate assets with a minimum of 200 residential
suites located in urban growth markets in the southeast United States.
The Fund's properties are managed by Landmark Apartment Trust, an
experienced property manager with a successful, long-term track record
in the Fund's targeted geographic regions.
For more information on the Fund and Timbercreek Asset Management Inc.,
please visit our website at www.timbercreek.com.
SOURCE Timbercreek U.S. Multi-Residential Opportunity Fund #1
For further information:
Timbercreek Asset Management