SOURCE: Delavaco Residential Properties Corp.

Delavaco Residential Properties Corp.

January 15, 2015 09:00 ET

Delavaco Residential Properties Corp. Generates 57% Returns on Initial Sales of South Florida Properties

TORONTO, ON--(Marketwired - January 15, 2015) - Delavaco Residential Properties Corp . ("Delavaco" or the "Company") (TSX VENTURE: DVO.U) (OTCQX: DELAF) announces today that it has recently sold 18 of its single-family homes in south Florida.

This recent transaction has generated gross proceeds of $2,046,500 with an average sales price per home of $113,694. The total average cost per home was $71,858, with an average gain of 58%.

To date, Delavaco has sold 28 homes for total proceeds of $3,186,500. The average sale price per home is $113,804 and the average cost per home is $72,623. The total gain on the south Florida homes sold to date is 57%.

"We are very pleased with the initial sales from our south Florida properties. Generating approximately 57% returns for the company over our 3 year period confirms our original thesis and it is our intention to continue testing the market with sales of single-family homes in south Florida. These sales allow crystallization of our gains and the redeployment of capital in a manner that will generate the best overall returns for the company and our stockholders," said Andy DeFrancesco, the company's co-founder and 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