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TORONTO, Jan. 9, 2018 /CNW/ - Starlight U.S. Multi-Family
(No. 1) Value-Add Fund (TSX.V: SUVA.A, SUVA.U) (the "Fund")
announced today that it has acquired a 50% interest in Landmark at
Coventry Pointe ("Coventry Pointe"), a 250-unit, garden style,
value-add multi-family property completed in 2002 and located in
Atlanta, Georgia, pursuant to the
previously disclosed terms. The remaining 50% interest in the
property will be indirectly acquired by Daniel Drimmer, a Director and the Chief
Executive Officer of Starlight U.S. Multi-Family (No. 1) Value-Add
GP, Inc., the Fund's general partner, and the principal of the
Fund's manager, a wholly owned subsidiary of Starlight Group
Property Holdings Inc. All decision making in respect of Coventry
Pointe, including day-to-day and material decisions, will be
jointly made by Mr. Drimmer and the Fund through established
governance practices. In connection with the acquisition of
Coventry Pointe, the Fund has now fully deployed the proceeds of
its initial public offering which closed on June 16, 2017.
Coventry Pointe
Coventry Pointe consists of 18, three
and four storey walk-up buildings on a 35.5 acre site comprised of
one-bedroom, two-bedroom and three-bedroom units. Currently,
apartment units feature white raised-panel cabinets, white
appliances including dishwashers and microwaves, brushed nickel and
chrome hardware, vinyl flooring, and pantries in the kitchen.
Bedrooms and living areas include carpet flooring, wiring for
ceiling fans, crown molding, oversized walk-in closets, and
porches/balconies. The bathrooms are outfitted with garden tubs,
tile surrounds, and vinyl flooring. Indoor amenities include a
spacious clubhouse, business centre, fitness room, and an enclosed
mail centre. Outdoor amenities include a resort-quality swimming
pool, two tennis courts, a dog park, a large playground with a
variety of equipment, a picnic area, green space with nature paths,
and a car wash station. As part of the Fund's business plan,
Coventry Pointe will be repositioned to a modern standard with
upgraded unit finishes and modernized common areas and amenity
spaces, and the property's curb appeal will be improved. As of
January 3, 2018, Coventry Pointe's
occupancy was 95.2%.
Following completion of the acquisition, the Fund retained The
Worthing Companies ("Worthing"), to property manage Coventry
Pointe. Worthing currently manages one multi-family community for
Starlight U.S. Multi-Family in Atlanta,
Georgia.
The Fund Portfolio
Following the acquisition of
Coventry Pointe, the Fund has interests in and operates a portfolio
comprising 1,193 multi-family units in three value-add, income
producing apartment communities located in Phoenix, Arizona; Atlanta, Georgia; and Austin, Texas.
About Starlight U.S. Multi-Family (No. 1) Value-Add
Fund
The Fund is a limited partnership formed under the
Limited Partnerships Act (Ontario)
for the primary purpose of indirectly acquiring, owning and
operating a portfolio of diversified income-producing rental
properties in the U.S. multi-family real estate market.
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.
SOURCE Starlight U.S. Multi-Family (No. 1) Value-Add Fund