Starlight U.S. Multi-Family (No. 1)
Core Plus  Fund

Investment Vehicles
Starlight U.S. Multi-Family (No. 1) Core Plus Fund
Assets Under Management

$300M

Multi-Family Suites

950

Properties

3

Number of Markets

3

Investment Highlights

Starlight U.S. Multi-Family (No. 1) Core Plus Fund was established in December 2019 to indirectly acquire, own and operate a portfolio primarily comprised of light value-add income-producing Class "A", institutional quality multi-family real estate properties constructed in 1990 or newer, located in Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington. 

Strategy

The Fund’s value-add strategy is focused on achieving increases in rental rates through high return, light value-add capital expenditures to rental suites, clubhouses and amenities in targeted geographic locations experiencing compelling population growth, employment growth and lifestyle preferences. The light value-add strategy also includes active asset management utilizing reputable best-in-class U.S.-based property managers to implement net operating income growth by maximizing rental rates and ancillary revenue opportunities with rigorous operational controls to manage and reduce costs.

Target Markets

  • United States Major markets with +1M populations (Arizona, California, Colorado, Florida, Georgia, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington)

  • Suburban sub-markets with strong job, economic and population growth

  • Strategically located
Target Assets

  • Class "A", institutional quality
  • Garden-style or mid-rise
  • Resort amenities
  • Built in 1990 or newer
Active Asset Management
  • Complete light value-add capital expenditures to suites, clubhouses and amenities to attract rental premiums
  • Increase revenue through rental maximization
  • Reduce operating expenses
  • Identify ancillary revenue opportunities
The Fund has a 3-year investment horizon, with two one-year extensions available.

Stable Monthly Cash Distributions

The primary objective of the Fund is to generate stable monthly cash distributions for its unitholders and to enhance the value of its assets through active management prior to disposition. The Fund offers across all unit classes an annual, pre-tax distribution target yield of 4.5% and targets a minimum 12% pre-tax, investor internal rate of return upon disposition of the properties. Canadian dollar distributions are hedged.

EXPECTED LISTING DATE: FEBRUARY 28, 2020

BOARD OF DIRECTORS AND AUDIT COMMITTEE:
  • Daniel Drimmer
  • Harry Rosenbaum (Independent)
  • Graham Rosenberg, Lead director (Independent)

EXECUTIVE OFFICERS:
  • Daniel Drimmer, Chief Executive Officer
  • Evan Kirsh, President
  • Martin Liddell, Chief Financial Officer
  • David Hanick, Corporate Secretary

UNIT CLASSES
  • Class A: Canadian dollar, to be TSX Venture Exchange listed, convertible into Class D
  • Class C: Canadian dollar unlisted, convertible into Class A
  • Class D: Canadian dollar unlisted, convertible into Class A
  • Class E: U.S. dollar unlisted
  • Class F: Canadian dollar unlisted, convertible into Class A
  • Class I: Canadian dollar unlisted, institutional Class, convertible into Class A
  • Class U: U.S. dollar unlisted


The Fund’s limited partnership tax factors (T5013 and RL15) relating to each fiscal year are available on the CDS Innovations Inc. website.

For more information or assistance, contact Starlight U.S. Multi-Family at info@starlightus.com.