VANCOUVER, April 16, 2012 /CNW/ - Sunstone U.S. Opportunity (No. 4) Realty Trust (the "Trust") and Sunstone U.S. (No. 4) L.P. (the "L.P.") today announced the successful closing of two income producing properties on June 28 and July 26, 2011 respectively.
The properties are located in Katy, Texas, and Irving, Texas. The total purchase price for the two assets is US$51,545,000. These are the first two properties acquired by the Trust and the L.P.
Grand Parkway in Katy, Texas is a 342-unit luxury, apartment complex comprised of 13 three-storey residential buildings, 11 private garage buildings, a 3,451 square feet clubhouse building, and a 3,119 square feet amenity building. The recently constructed complex includes best-in-class modern amenities such as executive business and resident social areas within the clubhouse; an amenity building with an athletic centre, cardio theatre and cyber lounge; and a stunning resort-style pool area with sunning ledge, fountains, water park and poolside grilling. A 90% interest in Grand Parkway apartments was acquired in June 2011 for US$29,250,000. The remaining 10% interest is held by Sunstone U.S. Opportunity (No. 3) Realty Trust. The acquisition was financed with a US$20,475,000 pro-rata share of a mortgage in favour of Allstate Life Insurance Company, with an interest rate of 4.58%. The mortgage will mature in June 2018.
The Embassy Suites Dallas - DFW International Airport South in Irving, Texas is comprised of a ten-storey, Mediterranean-inspired tower containing a total of 305 spacious guestroom suites of which 170 are king suites, 126 are double suites and nine are ADA-accessible suites. Hotel amenities include a heated indoor pool and whirlpool, a fitness centre, on-site self-service laundry and valet service, a business centre, audio-visual equipment rentals, a gift shop and local area transportation. Sunstone acquired The Embassy Suites Dallas - DFW International Airport South in July 2011 for US$22,295,000. The acquisition was financed with a US$20,200,000 mortgage in favor of Wells Fargo Bank, with an interest rate of 6.0%. The mortgage will mature in August 2018.
For further information:
Andrew Greig, Director of Business Development
Sunstone U.S. Opportunity (No. 4) Realty Trust
Sunstone U.S. (No. 4) L.P.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959