This code works for me and shows how you might do it with your custom styles. I've used built-in styles for illustrating the method. Note that VBA considers '{020)' to be three words which is why the code applies the last character style to the first three words.
Code:
Sub FormatPara()
Dim aPar As Paragraph, aRng As Range
Set aPar = Selection.Paragraphs(1)
With aPar
.Style = "Body Text" 'Apply a paragraph style to the entire paragraph
.Range.Sentences(1).Style = "Emphasis" 'Apply a character style to the first sentence
Set aRng = .Range.Words(3) 'Define a Range for the third 'word'
aRng.Start = .Range.Start 'Extend that range to the start of the paragraph
aRng.Style = "Strong" 'Style the range
End With
End Sub