Starlight Investments, a Toronto-based, privately held, full service, real estate investment and asset management company, has revealed its institutional partners in connection with its previously announced Partnership as the Public Sector Pension Investment Board (PSP Investments) and the Alberta Investment Management Corporation (AIMCo), on behalf of certain of its clients.
The Partnership was formed to acquire $1.3 billion of class A, recently constructed, garden-style multifamily communities located in the suburban markets of Atlanta, Austin, Dallas, Denver, Orlando and Tampa, Fla., and Phoenix. Specifically, the Partnership will target submarkets that demonstrate superior rental income growth potential due to positive multifamily dynamics including compelling population, economic and employment growth.
In its first acquisition, the Partnership purchased Parkhouse Apartment Homes (Parkhouse), a 465-unit, class A, garden-style, multifamily property constructed in 2017 and located in Denver.
“We are extremely pleased to acquire the first in a number of multi-family properties with two prominent global institutions and continue the expansion of the Starlight U.S. multifamily platform,” said Daniel Drimmer, CEO and president of Starlight Investments. “We look forward to building a premium multifamily portfolio in conjunction with PSP Investments and AIMCo.”
Denver is one of the fastest growing U.S. metro areas with the lowest unemployment rate. The city is consecutively voted as the best place for businesses to grow by Forbes, with employers continuing to relocate and add jobs at a considerably faster rate than the national average. Denver is also a city where millennials, who are a key renter demographic, are the largest and fastest growing population group.