Timbercreek U.S. Multi-Residential Opportunity Fund #1 Acquires Additional Assets in Southeastern United States

Timbercreek Asset Management Inc. (Timbercreek) is pleased to announce on behalf of Timbercreek U.S. Multi-Residential Opportunity Fund #1, a joint venture between Timbercreek and Elco Landmark Residential Holdings (Elco Landmark), it has completed the acquisition of 788 residential units across two multi-residential properties located in Cary, North Carolina for approximately $55.7 million.  The Acquisition is the second for the Fund since the completion of its initial public offering on October 25, 2012.

"We are pleased with this acquisition, as it not only satisfies the Fund's investment criteria, but has also allowed us to quickly grow the portfolio of properties within the Fund." said Ugo Bizzarri, Founding Managing Director, Portfolio Management and Investments at Timbercreek. "We are currently raising additional capital, with a second public offering, in order to continue taking advantage of attractive acquisition opportunities, like this one, available in the targeted region."

Prior to this acquisition, the Fund's portfolio consisted of 1,380 units across four other multi-residential properties, which were acquired in December 2012, and are located in the southeastern United States, specifically Austin, Texas, Charlottesville, Virginia, Charlotte, North Carolina and Chapel Hill, North Carolina.

The Fund is focused on acquiring undervalued and/or undermanaged multi-residential assets located in the southeastern United States, at an advantageous price and significant discount to replacement cost.  The Fund is sponsored and managed by Timbercreek and operated by Elco Landmark.

The Fund's primary focus is on enhancing the value of the assets it acquires by implementing an actively-managed repositioning and renovation program, designed to invest capital into a property to improve both cosmetic and structural elements.

The total return objective of the Fund is to generate a 15% internal rate of return (or average annualized total rate of return) on a pre-tax basis and net of all fees and expenses, including a quarterly distribution with an annualized yield of 4%- 5% (which includes the allocation to Unitholders of U.S. taxes paid by the Fund).

on May 8, 2013