28.10.2021 – 04:11
Original portfolio of approx. 4,600 multi-family apartments
Deploy an additional $ 700 million in the US Sunbelt markets
Starlight Investments (“Starlight”) today announced, through its Starlight US Residential platform, that it has formed a new joint venture with two global institutional partners (the “Sherrin Partnership”) to acquire a large, diversified portfolio of apartment buildings in the Markets with the highest employment and rental growth are concentrated in the southern United States.
In connection with its formation, the Sherrin Partnership acquired the Starlight US Multi-Family (No. 1) Core Plus Fund for $ 600 million and also purchased an institutional multi-family value-add portfolio for $ 700 million ( together the “original portfolio”). At approximately $ 1.3 billion gross, the original portfolio consists of approximately 4,600 units in 13 “A” class apartment buildings that are institutional grade, garden and wrap styles: Atlanta, Georgia; Austin, Texas; Charlotte, North Carolina; Denver, Colorado; Nashville, Tennessee; Phoenix, Arizona; Raleigh, North Carolina; and Tampa, Florida.
Following the acquisition of the first portfolio, the Sherrin Partnership has committed to invest an additional $ 700 million in the purchase of institutional grade “A” properties in the garden and wrap style, which are characterized by appreciation and rental , as well as forward purchase sales of 250 to 500 units in major Sun Belt markets. The Sherrin Partnership will focus on selected geographic markets with a population of more than one million people that are expected to show above-average growth in employment and population.
Daniel Drimmer, President and Chief Executive Officer of Starlight, stated, “The Sherrin partnership represents an exceptional opportunity to work with two of the largest and most experienced global institutional real estate investors. This new company is an integral part of Starlight’s vision for its residential rental platform in the United States United States.”
Evan Kirsh, President of Starlight US Residential, added, “The formation of the Sherrin Partnership and the acquisition of two separate portfolios is the next step in the disciplined expansion of our platform. We look forward to working closely with our two global institutional partners, to use the rest of the committed capital for strategic real estate, from which we expect high returns on investment. “
Information on Starlight Investments
Starlight Investments is a privately held Toronto-based company that, with an experienced team of over 300 professionals, offers a comprehensive service for investments in apartment buildings and commercial real estate as well as for asset management. The company currently manages over $ 20.0 billion in direct real estate and real estate securities. Investment vehicles include institutional joint ventures, True North Commercial REIT, Starlight US Multi-Family Funds, the Northview Canadian High Yield Fund and Starlight Capital Funds. Starlight Investment’s portfolio includes approximately 70,000 apartment buildings in Canada and the United States, as well as over 740,000 square meters of commercial real estate. Please visit us at www.starlightinvest.com and connect with us on LinkedIn at www.linkedin.com/company/starlight-investments-ltd–
About Starlight US Residential
Starlight US Residential was founded with the primary goal of indirectly acquiring, owning and operating a portfolio of diversified, high-yield rental properties in the US residential real estate market through private, public and institutional vehicles. Starlight US Residential owns and manages a portfolio of approximately 10,000 apartment buildings in the United States with over C $ 3.0 billion in assets under management. Please visit us at www.starlightus.com.
Daniel Drimmer, President and Chief Operating Officer, Starlight Investments, 1-416-234-8444, [email protected] Evan Kirsh, President, Starlight US Residential Fund, 1-647-725-0417, [email protected] Mehta, Global Head, Private Capital and Partnerships, Starlight Investments, 1-647-725-0417, [email protected] Martin Liddell, CFO, Starlight US Residential Fund, 1-647-729-2588, [email protected]
Original content by: Starlight Investments, transmitted by news aktuell