Starlight U.S. Multi-Family (No. 1) Value-Add Fund has filed with the securities commissions of all provinces in Canada, and obtained a receipt for, a preliminary prospectus for an initial public offering of limited partnership units.
The preliminary prospectus qualifies the distribution of a minimum of $56 million and a maximum of $112 million of units priced at $10 per unit.
The fund was established for the primary purpose of indirectly acquiring, owning and operating a portfolio primarily comprised of value-add, income-producing, multifamily properties that can achieve significant increases in rental rates as a result of undertaking high return, light value-add capital expenditures and active asset management. Targeted assets are located in the states of Arizona, Colorado, Florida, Georgia, Nevada, North Carolina, Tennessee and Texas.
Following completion of the offering, the fund intends to acquire two multifamily residential properties totaling 943 units located in Phoenix and Austin, Texas, respectively.
Toronto-based Starlight Group Property Holdings is the promoter of the fund and will also act as manager of the fund. Starlight is a privately held real estate investment and asset management company.
Starlight currently owns and/or asset manages C$7.0 billion ($5.1 billion) in assets in Canada and the United States, including its partnerships with four institutional investors and a number of international family offices.