TORONTO, ON--(Marketwired - February 01, 2017) - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") is pleased to announce that it has completed the sale of Chelsea Commons. Chelsea Commons -- a 250-unit multi-residential property, located in Chapel Hill, North Carolina -- was originally purchased in December 2013 and was recently sold for a total consideration of USD 23.6 million.
To date, the Fund has successfully completed the repositioning and rehabilitation program across each of the 8 original assets within the portfolio. Furthermore, the Fund has strategically disposed of 7 properties within the portfolio in order to maximize the return on each investment.
The final asset in the fund, Alexander Pointe, is also now under contract and is anticipated to be sold in February, 2017. The Fund intends to distribute available net proceeds from the sale of both Chelsea Commons and Alexander Pointe in the form of a special distribution following the sale of the final asset. Further information on the timing of that distribution will be provided with the announcement of the final sale.
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, please visit our website at www.timbercreek.com.