Starlight U.S. Multi-Family (No. 1) Value-Add Fund has sold three multifamily properties to Clearwater U.S. Multi-Family, a Delaware limited partnership formed by the Public Sector Pension Investment Board and Daniel Drimmer, CEO and director for the Starlight fund.
According to Starlight, the properties comprised a total of 1,193 suites located in the southern United States. The transaction was approved by the fund’s unitholders at a special meeting, which took place on Jan. 7.
The portfolio sold for $239.6 million, including a gross cash consideration of $92.1 million and $147.5 million of the fund’s existing debt. The proceeds from the transaction will be doled out to unitholders by way of a cash distribution per unit of the fund.
Starlight U.S. Multi-Family was formed to acquire, own and manage a portfolio of diversified income producing class A institutional rental properties in the U.S. multifamily real estate sector. The firm’s strategies include co
