All in Property

US Residential Fund - Market Update

US Residential Fund (ASX: USR) has updated the market on its strategy to focus on multifamily apartment complexes. In 2016, the Fund completed the sale of 19 single family houses in Cleveland, Ohio and one in Atlanta, Georgia for USD1.2M, of which USD 0.6M was used to pay down debt. A separate transaction was completed to sell 28 single family houses in Atlanta, Georgia for USD3.95M, of which USD2.2M was used to pay down debt. The Fund also expected the purchase of Patriot's Pointe in North Carolina to be completed in January for USD22M.  

US Residential Fund - Underwritten rights issue to raise ~$8 million

US Residential Fund has announced an underwritten pro-rata renounceable rights issue to USR stapled security holders to raise approximately $7,994,997.90. The proceeds of the Offer will be used to acquire an equity interest in a multifamily residential apartment complex, which is likely to be Patriot's Pointe, North Carolina or a similar alternative multifamily residential apartment complex.

US Residential Fund - One-for-One Partially Underwritten Renounceable Rights Issue

US Residential Fund (ASX:USR)is close to finalising a partially underwritten renounceable rights issueto raise up to $8 million. The rights issue will comprise one new fully paid USR stapled security for every existing USR stapled security held and will be priced at $0.45 per stapled security. The funds raised will be used to USR's investment in the Patriot's Pointe multifamily apartment complex in North Carolina.

USR Patriot’s Pointe syndication “live” on leading US crowdfunding platform

Listed property fund US Residential Fund has listed its first multifamily property for syndication on the online crowdfunding platform CrowdStreet. Through CrowdStreet, accredited investors are now able to invest in Patriot's Pointe, an A-grade, 240-unit residential apartment complex set on 25 acres in North Carolina. USR anticipates the syndication delivering an initial yield of 7.2%, an average 5-year yield of 8.1% and a total 5-year internal rate of return of 15-17%.

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 - Crowd Funding and Placement Update

US Residential Fund (ASX: USR) has announced that the Patriot’s Pointe multifamily asset in North Carolina, acquired in May 2016, will be listed for syndication on two property Crowdfunding sites, Crowdstreet and GlobalCrowd, over the coming weeks. In addition, GlobalCrowd has agreed to subscribe for $1m of stapled securities in the current placement at $0.60 per stapled security.

US Residential Fund - First Multifamily Apartment Complex Completes Due Diligence

Listed REIT US Residential Fund (ASX:USR) will move forward with the acquisition of its first multifamily residential apartment complex in the US, the US$22 million Patriot's Pointe property in North Carolina, following the completion of extensive due diligence. USR will invest in Patriot's Pointe with a local partner and intends to sell down the majority of its equity position through a syndication offer to third-party investors.