TORONTO, June 11, 2015 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") is pleased to announce that it has completed the sale of the Saratoga Ridge property located in Austin, Texas for total consideration of $22.1 million USD. Saratoga Ridge was purchased for $17.1 million USD as part of the Colonial Portfolio acquisition in December, 2012.
Saratoga Ridge is the second asset to have completed the Fund's value enhancement program. The Manager will continue to monitor performance of the remaining assets and will seek opportunities to sell the assets, when appropriate, in order to optimize the return on those investments.
The Fund intends to distribute available net proceeds from the sale of Saratoga Ridge to unitholders on June 30, 2015. Further details of the distribution will be provided in a news release prior to the time of the distribution.
This press release contains forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements
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-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 www.timbercreek.com.
SOURCE Timbercreek U.S. Multi-Residential Opportunity Fund #1
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Timbercreek Asset Management