TORONTO, ON--(Marketwired - February 15, 2017) - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") is pleased to announce that it has completed the sale of Alexander Pointe. Alexander Pointe -- a 232-unit multi-residential property located in Jacksonville, Florida -- was originally purchased in December 2013 for USD 16 million and was recently sold for a total consideration of USD 20.4 million.
To date, the Fund has successfully completed the repositioning and rehabilitation program across each of the eight original assets within the portfolio. With the sale of Alexander Pointe, the Fund is pleased to announce that it has strategically disposed of all eight properties within the portfolio in order to maximize the return on each investment.
The Fund intends to distribute available net proceeds from the sale of both Alexander Pointe and Chelsea Commons (disposition of Chelsea Commons was previously announced on February 1, 2017) in the form of a special distribution. Further details of the special distribution will be provided in a press release prior to the time of the distribution. The Manager intends to provide an estimate on the post-distribution NAV within a week of the payment date.
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 focused 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 sale of the portfolio's multi-residential assets.
For more information on the Fund and Timbercreek Asset Management, please visit our website at www.timbercreek.com.