VANCOUVER, June 27, 2014 /CNW/ - Sunstone U.S. Opportunity (No.2) Realty Trust ("Sunstone") announced today that they have sold Walker Commons, located in Houston, Texas for $43,800,000 less standard closing costs and adjustments. The sale was completed on June 27, 2014.
The property was acquired by Sunstone in June 2010 for $29,500,000 plus standard closing costs and adjustments.
Walker Commons was constructed in 2008 and consists of 352 residential units located in 12 two- and three-storey buildings with units averaging over 927 square feet. The 18.69 acre property is located in League City, a southeastern suburb of Houston, and includes a clubhouse, athletic center, and resort-style swimming pool, outdoor living room with a fireplace and a pool side cabana with grills for outdoor entertaining.
Steve Evans, Principal of Sunstone commented "We are very happy with the results of this profitable sale. Since buying this property out of foreclosure in 2010, our strategic value-add initiatives such as pro-active maintenance and exterior improvements have maintained and increased the quality of living in the apartment complex for our tenants as well increased the value of the property for our unitholders."
Sunstone intends to complete a closing audit on the property prior to distributing all of the net proceeds to unitholders.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
SOURCE: Sunstone U.S. Opportunity (No. 2) Realty Trust
For further information: Andrew Greig, Director of Business Development, Sunstone U.S. Opportunity (No. 2) Realty Trust, Suite 910, 925 West Georgia Street, Vancouver, BC, V6C 3L2, Phone: (604) 681-5959 or (888) 681-5959, E-mail: [email protected]