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TORONTO, June 12, 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 completed the acquisition of an
additional interest of approximately 41.5% (the "Acquisition") 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. In connection with the
Acquisition, the Fund now has an aggregate interest of
approximately 91.5% in Coventry Pointe. The remaining interest of
approximately 8.5% in Coventry Pointe will remain under the
ownership of 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 made by the Fund through established
governance practices.
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 suites. The apartment
suites currently 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 continue to be repositioned to a modern
standard with upgraded suite finishes and attractive common areas
and amenity spaces, and the property's curb appeal will be
improved. As of June 10, 2018,
Coventry Pointe's occupancy was 93.2%.
Following completion of the Acquisition, The Worthing Companies
("Worthing") continued as the property manager at Coventry Pointe.
Worthing currently manages two multi-family communities for
Starlight U.S. Multi-Family in Atlanta,
Georgia, including Coventry Pointe.
The Fund Portfolio
Following the Acquisition, the Fund
has interests in and operates a portfolio comprising 1,193
multi-family suites 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