/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Oct. 7, 2013 /CNW/ - Sunstone U.S. Opportunity Realty Trust
(the "Realty Trust") and Sunstone U.S. (2008) L.P. (the "Investment
LP") today announced that they have successfully completed the
disposition of The Paragon at Kierland Apartments for a sale price of
$57,750,000 less standard closing costs and adjustments.
The Paragon at Kierland Apartments was originally acquired in October
2008 for a purchase price of $34,200,000, plus standard costs and
adjustments. Sunstone completed the successful sale of this property in
September 2013 for $57,750,000.
Steve Evans commented, "We are excited with this very profitable sale of
the Paragon at Kierland-- it is very gratifying when we complete all of
our property value-add initiatives with such success and it results in
such a significant profit for our investors."
The sale of the Paragon at Kierland Apartments marks a significant
disposition for Sunstone U.S. Opportunity Realty Trust. Most our
properties were profitably sold in the last few months and we expect to
close on our remaining asset mid to end of October. Around the time of
the closing of the final asset, investors will receive all profit
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, United States persons
absent United States registration or an applicable exemption from the
United States registration requirements. This release does not
constitute an offer for sale of securities in the United States.
SOURCE: Sunstone Realty Advisors Inc.
For further information:
Andrew Greig, Director of Business Development
Sunstone U.S. Opportunity Realty Trust
Sunstone U.S. (2008) L.P.
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959