Starlight U.S. Multi-Family (No. 1) Core Plus Fund Acquires Two Class A Apartment Complexes
December 16, 2020 at 03:55 am IST
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Starlight U.S. Multi-Family (No. 1) Core Plus Fund announced that it has acquired The Bluffs at Highlands Ranch and LaVie Southpark. The Bluffs is a 340-suite, Class "A", garden-style, core-plus multi-family property completed in 1994 and located in the Metropolitan Area of Denver, Colorado, while LaVie is a 321-suite Class "A" mid-rise multi-family property completed in 2015 and located in Charlotte, North Carolina. The Bluffs consists of 37, three storey walk-up buildings on a 21.0-acre site comprised of one-bedroom, two-bedroom and three- bedroom suites, in addition to one two-storey clubhouse building. Currently, suites feature quartz countertops with undermounted
sinks, upgraded plumbing fixtures, stainless steel appliances, updated lighting and upgrades to the flooring in entryways and wet areas (kitchen and bath) for all suites and additionally in the living areas of all ground floor suites. The suites also include a built-in dry bar area, balconies for every bedroom, gas fireplaces, washers and dryers, large bedroom closets and vaulted ceilings in select suites. Indoor amenities include an expansive clubhouse, state-of-the-art fitness centre with on-demand WEXER fitness classes and Peloton bikes, media room, business centre, recreation room with a shuffleboard, racquetball court, sauna and dog wash station. Outdoor amenities include a resort-style pool with spa and sundeck, outdoor fireplace and seating area, basketball court, tennis court, volleyball court, jogging trails, dog park, and package lockers. As part of the Fund's business plan, The Bluffs will be further repositioned to a modern standard with additional upgrades to suite finishes, common areas and amenity spaces, and the property's curb appeal will be improved. The Fund has retained Avenue5 Residential (Avenue5) to property manage The Bluffs. Avenue5 is currently the 15 largest property management company in the United States with approximately 70,000 apartment units under management. LaVie consists of one, mid-rise five storey building on a 7.3-acre site comprised of studio, one-bedroom and two-bedroom suites. Currently, suites feature full size washers and dryers, fully wired fiber high speed internet, granite countertops, stainless steel appliances, undermounted sinks with gooseneck faucets, tile backsplash, high ceilings, walk-in closets, wood-style plank flooring, and kitchen islands in select suites. Indoor amenities include a clubroom, chef-quality demonstration kitchen, two-storey fitness centre with yoga studio, pet spa, coffee bar, secured access buildings and parking deck. Outdoor amenities include a wooded dog park, nearby walking trails, saltwater swimming pool, spacious courtyard, outdoor kitchen, fireplace and elegant landscaping. As part of the Fund's business plan, LaVie will be further repositioned with additional upgrades to suite finishes, common areas and amenity spaces.
Starlight U.S. Multi-Family (No. 1) Core Plus Fund is a Canada-based closed-ended fund. The Fundâs investment objectives are to Indirectly acquire, own, and operate a portfolio comprised of core plus, income producing multi-family properties that can achieve increase in rental rates as a result of undertaking return, light value-add capital expenditures and active asset management that are located in the Primary Markets. It is also focused on increasing rental rates through light value-add capital expenditures and the use of revenue management software; and enhance revenue through ancillary income opportunities and reduce operating expenses through active asset management with the use of property managers to generate economies of scale with the goal of directly or indirectly disposing of its interests in the assets by the end of the term. The Fundâs investment manager is Starlight Investments US AM Group LP.