Timbercreek U.S. Multi-Residential Opportunity Fund #1 acquires a 296 unit property in Orlando, Florida

Timbercreek Asset Management Inc. announced on behalf of Timbercreek U.S. Multi-Residential Opportunity Fund #1, a joint venture between Timbercreek and Elco Landmark Residential Holdings , that it has completed the acquisition of a 296-unit multi-residential complex located in Orlando, Florida for approximately $18.5 million. The property contains one, two and three bedroom apartment suites situated in a garden-style complex, which includes a clubhouse, two swimming pools, a fitness centre and barbeque area.  This acquisition represents the 7th property acquired since the completion of the Fund's initial public offering on October 25, 2012.
 
"We are very pleased to be adding this property to the portfolio as it not only satisfies our investment strategy, it allows us to further diversify the portfolio geographically by expanding our reach into the state of Florida.  This property is one of the many value opportunities we are seeing that are stemming from the correction in the U.S. real estate market" states Ugo Bizzarri, Managing Director of the Manager and member of the Investment Committee for the Fund. "We are always looking to raise additional capital in order to continue to take advantage of attractive acquisition opportunities."
 
With this acquisition, the Fund's portfolio now consists of 2,464 units across seven multi-residential properties located in the southeastern United States, specifically Austin, Texas, Charlottesville, Virginia, Charlotte, North Carolina, Chapel Hill, North Carolina, Cary, North Carolina and Orlando, Florida.
 
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%*.
 

on December 6, 2013