VANCOUVER, April 8 /CNW/ - Sunstone U.S. Opportunity (No. 3) Realty
Trust (the "Trust") and Sunstone U.S. (No. 3) L.P. (the "L.P.") today
announced the successful closing of two income producing properties on
January 27, 2011 and March 14, 2011, respectively.
The properties are located in metropolitan Phoenix, Arizona and
metropolitan Dallas, Texas. The total purchase price for the two
assets is US$50.9 million. These are the first two properties acquired
by the Trust and the L.P.
The Xona Resort Suites, in metropolitan Phoenix, Arizona, is a 431-room hotel complex
configured as 145 standard guestrooms and 286 one and two bedroom
suites ranging in size from 600 to 1,800 square feet. The 11.87 acre
property is located in Scottsdale, a northeastern suburb of Phoenix,
and includes a 150-seat restaurant, a 98-seat lounge, 7500 square feet
of meeting space (including the 3,600 Pavilion poolside ballroom), four
swimming pools with cabanas and whirlpool spas, four outdoor
fireplaces, a fitness center, a business center, and a gift shop. The
Trust and L.P. indirectly acquired Xona Resort Suites on January 27,
2011 for a purchase price of US$34,000,000. The purchase price was
paid with cash on hand and from the proceeds of a new 7-year mortgage
of $20.4 million bearing interest at a floating rate.
The Preserve at Arbor Hills in metropolitan Dallas, Texas, is a 330-unit multi-family housing
complex comprised of 17 two- and three-storey buildings with units
ranging in size from 692 to 1,436 square feet. The 15.4 acre property
is located in Plano, a northern suburb of Dallas, and includes a
swimming pool, heated spa, professional services room, clubroom,
24-hour fitness centre, picnic areas with barbecue grills and is
situated adjacent to a nature preserve. The Trust and L.P. indirectly
acquired a 50% joint venture interest in The Preserve at Arbor Hills on
March 14, 2011 for a purchase price of US$16,887,500. The purchase
price was paid with cash on hand and the proceeds of a new 7-year
mortgage of US$10.63 million bearing interest at a floating rate.
Additional information about the Trust and the L.P. is available at www.sunstoneadvisors.com or www.sedar.com.
SOURCE Sunstone U.S. Opportunity (No. 3) Realty Trust
For further information:
Darren Latoski, Acting Chief Executive Officer
Andrew Greig, Director of Investor Relations
Sunstone U.S. Opportunity (No. 3) Realty Trust
Sunstone U.S. (No. 3) L.P.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959