TORONTO, April 30, 2015 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") is pleased to announce that following the recent disposition of the "Lynden Square" asset, the Fund will report an interim Class NAV (as of April 30th) following the release of its quarterly financial statements on or before May 31st.
The Fund obtains or updates property appraisals on a semi-annual basis (each, an "Asset Valuation") and reports to Unitholders quarterly an adjusted aggregate appraised value of the Fund's assets on a per Unit and class by class basis (each a "Class NAV"). The Class NAVs for each quarter are published following the release of the financial statements, which is typically 60 days following quarter end. The next scheduled Class NAV, to be published on or before May 31, 2015, would be reflective of a March 31, 2015 valuation. However, in light of the recent disposition of Lynden Square, the Fund will instead publish a Class NAV based on an April 30th valuation, reflective of the Asset Valuations conducted in the first quarter as well as the disposition of Lynden Square.
About the Fund
The Fund provides investors with the opportunity to participate in the investment in 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
For further information: Timbercreek Asset Management, Carrie Morris, Investor Relations, [email protected]