/Not for distribution to U.S. newswire services or for dissemination in
the United States/
TORONTO, July 29, 2013 /CNW/ - Starlight U.S. Multi-Family Core Fund
(TSX.V: UMF.A, UMF.U) (the "Fund") announced today that it has acquired Greenhaven ("Greenhaven"), a 216 unit, garden style, Class "A", apartment complex built in 2009
and located at 8690 Virginia Parkway, McKinney, Texas, a rapidly
growing area of North Dallas, for the purchase price of approximately
US$23.5 million. In connection with the acquisition of Greenhaven, the
Fund obtained a new US$16.5 million interest only first mortgage
payable at an annual rate of LIBOR + 2.125%. The mortgage term is three
years with two one-year extensions available.
Greenhaven is North Texas' first silver certified LEED for Homes
Multi-Family Garden Community. The property consists of 10, two and
three storey walk-up buildings on a 11.24 acre site and provides
residents with an eco-friendly living environment as well as cost
savings through lower utility usage. Greenhaven is predominantly
comprised of one and two bedroom suites with a small number of three
bedroom units. Each of Greenhaven's suites contains modern features
including wood style plank flooring, designer tile backsplash, granite
counter tops, nine foot ceilings and full size washer dryer sets. As
of June 30, 2013, Greenhaven's occupancy was 97.7%.
Amenities at Greenhaven include a central clubhouse with a 24-hour
state-of-the-art fitness centre, a resident lounge with a large screen
television and java bar, an executive business centre and a club room
with a billiard table. Outdoor amenities include an expansive resort
style pool with surrounding sundeck, landscaped courtyards with
barbeque picnic areas and a 2,000 square foot enclosed pet park.
Greenhaven also has Wi-Fi high speed internet access throughout the
On completion of the acquisition, the Fund transferred the property
management of Greenhaven to the Pinnacle Family of Companies ("Pinnacle"), the fourth largest third party, multi-family property manager in the
United States. Pinnacle is currently managing Bridgemoor at Denton
located in North Dallas and Villages of Towne Lake located in Houston
for the Fund.
Following completion of the acquisition of Greenhaven, the Fund now owns
and operates a portfolio comprising 956 recently constructed, Class "A"
stabilized, income producing multi-family real estate suites located in
Dallas-Fort Worth and Houston, Texas.
About Starlight U.S. Multi-Family Core Fund
The Fund is a limited partnership formed under the Limited Partnerships Act (Ontario) for the primary purpose of indirectly acquiring, owning and
operating a portfolio of diversified income producing rental properties
in the U.S. multi-family real estate market.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Starlight U.S. Multi-Family Core Fund
For further information:
President, Starlight U.S. Multi-Family Core Fund