Timbercreek U.S. Multi-Residential Opportunity Fund #1 Announces Second Quarter Distribution
27 Jun, 2013, 10:29 ET
TORONTO, June 27, 2013 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") has declared a distribution (the "Distribution") of $0.056 per class A unit of the Fund ("Class A Units"),$0.058 per class B unit of the Fund ("Class B Units") and $0.058 per class C unit of the Fund ("Class C Units") to be paid on July 13, 2013 to holders of Class A Units, Class B Units and Class C Units of record on June 28, 2013. Earlier in the second quarter, an advanced distribution was paid on May 15, 2013 to Unitholders of record on April 29, 2013 of $0.028 and $0.029 per Class A Unit and Class C Unit, respectively, for the month of April, prior to a new offering of Units of the Fund. At the time of the advanced distribution, there were no Class B Units issued and outstanding. The total combined distribution for the second quarter is $0.084, $0.058 and $0.087 per Class A Unit, Class B Unit and Class C Unit, respectively.
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 (Florida, Texas, Georgia, North Carolina, South Carolina, Virginia, Tennessee, and Alabama). The Fund's properties are managed by Elco Landmark Residential Management, LLC, 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
For further information:
Timbercreek Asset Management
Managing Director, Capital Markets & Corporate Communications
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