Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV:SCPT.A), a fund managed by Starlight Investments completed the acquisition of 320-suite Class A Institutional Quality Multi-family Property Located in Raleigh, North Carolina.
April 27, 2022
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Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV:SCPT.A), a fund managed by Starlight Investments entered into a purchase and sale agreement to acquire 320-suite Class A Institutional Quality Multi-family Property Located in Raleigh, North Carolina for approximately $110 million on March 18, 2022. In connection with the acquisition of the property, new financing in the amount of approximately $82.9 million, including $76.5 million of initial funding and $6.4 million of future funding for capital expenditures, has been secured for an initial term of three years, with two one-year extension options. The agreement contains customary representations and warranties for a transaction of this nature and, subject to the satisfaction or waiver of conditions, is scheduled to close on or about April 27, 2022. The fund has waived its due diligence conditions set out in the agreement.
Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV:SCPT.A), a fund managed by Starlight Investments completed the acquisition of 320-suite Class A Institutional Quality Multi-family Property Located in Raleigh, North Carolina on April 27, 2022. The fund also utilized the net proceeds from the Hudson property refinancing amounting to $26.6 million. The acquisition was financed through cash on hand, a new first mortgage at Summermill, as well as net proceeds from the refinancing of Hudson at East.
Starlight U.S. Multi-Family (No. 2) Core Plus Fund (the Fund) is a Canada-based closed-end fund. The Fundâs investment objectives are to directly or indirectly acquire, own and operate a portfolio primarily composed of income-producing multi-family properties that demonstrate value based on pricing and local supply and demand trends to achieve the Fundâs target metrics or that can achieve significant increases in rental rates as a result of undertaking high return, light value-add capital expenditures and active asset management, and are located in the Primary Markets, with a particular focus on the suburban areas of Primary Submarkets; and make stable monthly cash distributions. The Fund owns interests in three properties, namely Montane Apartments, Hudson and Summermill consisting of 995 suites. The Fund is managed by Starlight Investments US AM Group LP.
Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV: SCPT.A), a fund managed by Starlight Investments completed the acquisition of 320-suite Class A Institutional Quality Multi-family Property Located in Raleigh, North Carolina.