US Residential Fund - Sale of Ohio Properties

US Residential Fund - Sale of Ohio Properties

US Residential Fund (ASX: USR) has announced that it has exchanged a purchase and sale agreement to sell up to 33 of the Fund’s properties in Cleveland, Ohio. The sale price of up to USD 1.92 million is broadly in line with the 30 June 2016 valuation. The transaction is subject to purchaser obtaining finance. The sale of the Cleveland properties is an important strategic milestone for USR as it seeks to transition the business from a passive property owner, to a fund manager that co-invests with third party investors, in funds that are managed by USR.


US Residential Fund (ASX: USR) is pleased to announce that it has exchanged a purchase and sale agreement to sell up to 33 of the Fund’s properties in Cleveland, Ohio. The sale price of up to USD 1.92 million is broadly in line with the 30 June 2016 valuation. The transaction is subject to purchaser obtaining finance.

USR Managing Director Andrew Meakin, said: "The sale of the Cleveland properties is an important strategic milestone for USR as we seek to transition the business from a passive property owner, to a fund manager that co-invests with third party investors, in funds that are managed by USR.”

The sale of the Cleveland properties will allow USR to recycle the capital and acquire multifamily residential apartment complexes, similar to Patriot’s Point in North Carolina.

Patriot’s Pointe represents the first asset that USR intends to offer to third party investors through its property syndication. USR expects to launch its USR Patriot’s Pointe Syndicate in the near term.

To view the full announcement click here. 

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