SOURCE: Delavaco Residential Properties Corp.

Delavaco Residential Properties Corp.

November 05, 2014 09:00 ET

Delavaco Residential Properties Corp Commences Crystallization of Single Family Home Portfolio Averaging 54% Return on Sales

TORONTO, ON--(Marketwired - November 05, 2014) - Delavaco Residential Properties Corp . ("Delavaco" or the "Company") (TSX VENTURE: DVO.U) (OTCQX: DELAF) announces today that it has sold 10 of its single family homes in south Florida.

  • Total sale price: $1,140,000
  • Avg sale price per door: $114,000
  • Total cost per door: $74,000
  • Avg % gain per door: 54%
  • Lowest sale price: $90,000
  • Highest sale price: $140,000
  • IFRS value per door: $104,000

"We are very pleased with the returns achieved from selling these single family homes and will continue to assess the sales market. We have attained considerable gains from the sale of these properties and we continue to see incredible opportunities in the multi-family sector while experiencing substantial rental increases on our existing mutli-family holdings. The proceeds from these asset sales will be used to acquire multi-family properties while reducing our corporate debt." Commented Andrew DeFrancesco, Delavaco CEO.

About Delavaco Residential Properties Corp.

Delavaco Residential Properties Corp. was formed on January 27, 2011 to take advantage of the U.S. housing crisis with the goal of significant capital appreciation through the recovery of the housing sector. Now a public company, Delavaco has its shares listed for trading on the TSX Venture Exchange and the OTCQX marketplace in the U.S. Delavaco is focused on the ownership and management of single and multi-family residential properties located principally in the south-eastern United States. Delavaco's real estate portfolio consists of 844 single-family homes in Florida, Georgia and New Jersey, and 311 multi-family units in Florida and Texas. Delavaco also manages a 316 multi-family unit portfolio in Hollywood Florida. Delavaco's acquisition strategy involves the identification and purchase of under-valued residential properties located in highly populated and dynamic urban centers within the lower to middle income demographic sector. Delavaco's security holders include some of the leading Canadian institutional investors and real estate holding companies.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to Delavaco's intended acquisition focus. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of Delavaco to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Additional information about Delavaco Residential Properties Corp. is available at www.delavacoproperties.com or www.sedar.com.

Contact Information

  • For more information please contact:

    Lisa-Marie Iannitelli,
    Director of Investor Relations & Business Development
    Delavaco Residential Properties Corp.
    The Exchange Tower
    130 King Street West, Suite 2210
    Toronto, ON M5X 1A9
    Phone: (416) 362-4441
    E-mail: Email contact