Starlight reports Q3 2017 results for U.S. Multi-Family (No. 5) Core Fund with strong same property NOI growth of 3.3%
Starlight U.S. Multi-Family (No. 5) Core Fund has reported its results of operations and financial condition for the three months ended Sept. 30, 2017. The fund commenced operations on Oct. 18, 2016, after the exchange of limited partnership units of the Starlight U.S. Multi-Family Core Fund series.
Starlight reported same-property NOI at $10,516 for the three months ended Sept. 30, 2017, which was a 3.3 percent increase over the corresponding period in 2016 and NOI margin at 56.2 percent was a 100 basis point improvement driven by significant margin increases in the Atlanta; Dallas; Orlando/Tampa, Fla.; and Raleigh, N.C., markets due to rental rate growth, stable occupancy and effective management of property operating costs.
“We continue to execute on our strategy of portfolio diversification and improving the overall vintage of the assets in the fund while focusing on assets that are economically sized to maximize efficiencies,” said Evan Kirsh, president of Starlight U.S. Multi-Family. “We believe that this strategy will service the fund well and allow it to outperform the market.”
The fund also continued its program to strategically recycle capital into apartment communities by acquiring Copperfield Apartments in Nashville, a 288-suite, class A apartment community built in 2015. This acquisition represents the fund’s first investment in the high-growth market of Nashville.
You can find Starlight’s full report here.