Sun Residential REIT Completes Sale of Its Properties
July 02, 2025 8:24 AM EDT | Source: Sun Residential Real Estate Investment Trust
Toronto, Ontario--(Newsfile Corp. - July 2, 2025) - Sun Residential Real Estate Investment Trust (TSXV: SRES) ("Sun") announces today that it has completed the sale of its interests in its two properties, consisting of a 51% interest in Evergreen at Southwood, a "Class A" multi-family residential property located in Tallahassee, Florida comprising 12 buildings with 288 rental units, and 4815 Tudor Drive, an 8-unit multi-family property located in Cape Coral, Florida, for an aggregate purchase price of for US$15,305,600. Sun intends to distribute the net proceeds of the property sales and Sun's remaining cash (after providing for all liabilities and obligations of Sun) to unitholders in two distributions. The first distribution will likely be for over 90% of the proceeds to be distributed to unitholders, the second for the residue. Thereafter, Sun will be wound up and terminated.
Further updates on the distributions to unitholders and the ultimate wind-up and termination of Sun will be provided at the relevant times.
About Sun Residential Real Estate Investment Trust
Sun Residential Real Estate Investment Trust is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust dated January 22, 2019, as amended and restated on March 22, 2019 and November 4, 2020. The business of Sun had been to acquire multi-family residential properties in the Sunbelt region of the United States.
Caution regarding forward-looking statements
Forward-looking statements in this news release, including, among others, statements associated with the anticipated distributions to unitholders and the ability to satisfy regulatory, stock exchange and commercial closing conditions the wind-up and termination of Sun, reflect Sun's current assumptions, expectations, and projections. Often, but not always, forward‐looking statements can be identified by words such as "planned," "expects," "expecting," "anticipated," or "believes," or variations of such words and phrases or state that certain actions, events, or results "may," "could," "would," "might," "should," or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Sun's actual results or achievements to be materially different from those expressed or implied by the forward-looking statements. The forward-looking statements made in this news release relate only to events or information as of the date hereof. All forward-looking statements are based on assumptions that may prove to be incorrect. Furthermore, forward-looking statements are qualified in their entirety by the inherent risks, uncertainties and changes in circumstances surrounding future expectations that are difficult to predict and mostly beyond the control of Sun.
Except as specifically required by Canadian securities law, Sun undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Many factors will cause actual results to differ, perhaps materially, from results in the forward-looking statements: for a description of such factors please refer to the Management's Discussion and Analysis for the quarter ended March 31, 2025 available at www.sedarplus.ca or at www.sunresreit.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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