TORONTO, May 1, 2013 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") has declared an advanced distribution (the "Advanced Distribution") of $0.028 per class A unit of the Fund ("Class A Units") and $0.029 per class C unit of the Fund ("Class C Units") to be paid on May 15, 2013 to holders of Class A Units and Class C Units of record on April 29, 2013. The Advanced Distribution is intended to be equivalent to one-third of the expected second quarter distribution per Class A Unit and Class C Unit, respectively, of the Fund (the "Second Quarter Distribution Amount"). The remainder of the Second Quarter Distribution Amount is expected to be paid on or about July 15, 2013 to Unitholders of record on June 30, 2013. The Advanced Distribution has been declared in light of the proposed offering of Class A Units and class B units ("Class B Units"). The Offering is intended to close prior to the next quarterly record date, June 30, 2013, and the Advanced Distribution is intended to minimize any dilution to the Fund resulting from the issuance of additional Class A Units and Class B Units. Details of the Advanced Distribution are also included in the prospectus dated April 29, 2013.
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-unit residential real estate assets (primarily apartment buildings and town house complexes) with a minimum of 200 residential suites located in urban growth markets in the southeast United States (Florida, Texas, Georgia, North Carolina, South Carolina, Virginia, Tennessee, and Alabama). The Fund's properties are managed by Elco Landmark Residential Management, LLC, an experienced property manager with a successful, long-term track record in the Fund's targeted geographic regions.
SOURCE: Timbercreek U.S. Multi-Residential Opportunity Fund #1
Timbercreek Asset Management Inc.
Managing Director, Capital Markets & Corporate Communications