TORONTO, ON--(Marketwired - July 19, 2016) - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") is pleased to announce that it has completed the sale of the Granite Park property located in Charlottesville, Virginia for a total consideration of $38.0 million USD. Granite Park was purchased for $32.2 million USD in December, 2012.
Per the Fund's strategy, a full value enhancement program had been completed at Granite Park in order to improve property conditions and optimize the return on the investment. Two other assets in the portfolio -- Eagle Landing and Watercrest, both of which are located in Cary, North Carolina -- are targeted for disposition by the end of July 2016.
The Fund intends to distribute available net proceeds from the sale of Granite Park, Eagle Landing and Watercrest to unitholders on August 15, 2016. Further details of the distribution will be provided in a press release prior to the time of the distribution.
The Fund has completed the repositioning and rehabilitation programs across the remaining assets in the portfolio and will continue to seek opportunities to sell the assets, when appropriate, in order to optimize the return on those investments.
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 was designed to provide 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 mismanaged or undervalued multi-unit residential assets in the southeast United States. The Fund aims to generate significant gains for investors through the improvement and eventual sale of the portfolio's multi-residential assets.
For more information on the Fund and Timbercreek Asset Management Inc., please visit our website at www.timbercreek.com.