Starlight U.S. Multi-Family to sell portfolio for $600m
Starlight U.S. Multi-Family (No. 1) Core Plus Fund has entered into an acquisition agreement with Sherrin U.S. Multi-Family (No. 1) Holding, pursuant to which the purchaser will acquire the fund's portfolio of seven class A institutional-quality multifamily properties totaling 2,219 units located in the United States.
The transaction is valued at $600 million.
Evan Kirsh, president of the fund GP, said, “Given the progress in the fund's business plan and the favorable real estate market conditions in the regions where the properties comprising the fund portfolio are located, entering into the proposed transaction at this time is a compelling opportunity for unitholders to realize a significant return on their initial investment in excess of the targeted amount.”