REVISED - Timbercreek U.S. Multi-Residential Opportunity Fund #1 Announces Special Distribution and Timing for the release of June 30th NAV

Revised Distribution Record Date and Payment Date

TORONTO, June 23, 2015 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") announced today further details of a special distribution to unitholders resulting from the previously announced disposition of the Saratoga Ridge property located in Austin, Texas.

The special distribution equates to $1.48 per class A unit of the Fund ("Class A Units"), $1.48 per class B unit of the Fund ("Class B Units") and $1.48 per Class C unit of the Fund ("Class C Units) to be paid on June 30, 2015 to holder of Class A Units, Class B Units and Class C Units of record on June 9, 2015. It is estimated that approximately $0.90 per unit represents a return of capital to unitholders for tax purposes.

The special distribution is net of estimated U.S taxes payable and other post-closing holdbacks.  Subject to the provisions of the amended and restated prospectus of the Fund dated as of May 15, 2013 (the "Prospectus"), U.S. taxes paid will be allocated to unitholders and may be available as a foreign tax credit. Information regarding the availability of this foreign tax credit will be provided to investors prior to March 31, 2016.  Each unitholder's final tax liability will be dependent on each unitholder's personal tax situation.  Investors should seek their own advice on the tax consequences that apply to them in their circumstances.

Timing for June 30th NAV

The Fund obtains or updates property appraisals on a semi-annual basis (each, an "Asset Valuation") and reports to Unitholders quarterly an adjusted aggregate appraised value of the Fund's assets on a per Unit and class by class basis (each a "Class NAV").  The Class NAVs for each quarter are published following the release of the financial statements, which is typically 60 days following quarter end.  In light of the recent disposition, however, the Fund is targeting to publish the June 30th NAV on or about July 23, 2015,

About the Fund

The Fund provides investors with the opportunity to participate in the investment in 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

SOURCE Timbercreek U.S. Multi-Residential Opportunity Fund #1

For further information:

Timbercreek Asset Management
Carrie Morris
Investor Relations

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Timbercreek U.S. Multi-Residential Opportunity Fund #1

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