KPREIT Concludes Sale of Residential Condos in Miami

Kingston Properties Limited (KPREIT) has advised that through its subsidiary, Kingston Properties Miami LLC, it has concluded the sale of 4 of its 19 residential condominium units for approximately US$980,000 (J$110 million), realising cumulative capital gains of 69.5% over the four-year holding period. Additionally, KPREIT re-invested the net proceeds in a 19-unit residential apartment building (15,000 square feet) in an area of Miami that is close to its downtown and is beginning to see a renaissance. This property was purchased for US$1.88 million (J$211 million).