TORONTO, ON--(Marketwired - August 18, 2016) - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") is pleased to announce that it has completed the sale of two assets -- Eagle Landing and Watercrest, both of which are located in Cary, North Carolina -- for a total consideration of USD 45.5 million and USD 38.3 million respectively (the "Cary Disposition"). Eagle Landing and Watercrest were purchased in May 2013 for USD 30.2 million and USD 25.7 million respectively.

Special Distribution
The Fund intends to distribute available net proceeds from the sale of the Cary Disposition, in addition to the available net proceeds from the sale of Granite Park (as stated in a press release on August 9, 2016) in the form of a special distribution to be paid on August 22, 2016 to holders of Class A Units, Class B Units and Class C Units of record on August 8, 2016 (the "Special Distribution").

The Special Distribution equates to $7.212 for each Class A Unit, Class B Unit and Class C Unit of the Fund where it is estimated that approximately $1.970 per unit is the effective return of capital to unitholders.

The Special Distribution is net of estimated U.S. taxes payable and other post-closing holdbacks of approximately 22% in aggregate. U.S. taxes paid will be allocated to unitholders as a foreign tax credit which may be available to reduce their total Canadian taxes payable. This foreign tax credit along with actual effective return of capital information will be provided to investors on their 2016 tax slip prior to March 31, 2017. A unitholder's final tax liability will be dependent on each unitholder's personal tax situation. Investors should seek their own advice on the tax consequences that apply to them in their circumstances.

Future Disposition Plans
The Fund has completed the repositioning and rehabilitation program 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. While we are seeking to complete the disposition of these assets prior to year-end, the general partner of the Fund has exercised its option to extend the term of the Fund by one year in order to facilitate this process and to provide adequate time to effectively wind-up the Fund. Further details on the disposition plans for these assets will be shared as they develop.

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

Contact Information:

Timbercreek Asset Management
Carrie Morris
Investor Relations