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TORONTO, Feb. 26, 2016 /CNW/ - Starlight U.S. Multi-Family Core Fund (TSX.V: UMF.A, UMF.U) (the "Fund") announced today that it has acquired The Village at Marquee Station ("Marquee Station"), a 265 unit, garden style, Class "A" apartment complex completed in two phases in 2013 and 2014 and located in south Raleigh, North Carolina at 2110 Cinema Drive.
Pursuant to a purchase and sale agreement made and entered into on January 12, 2016, as amended from time to time, Marquee Station Acquisition LLC, an indirect wholly owned subsidiary of the Fund, purchased Marquee Station unencumbered for the purchase price of approximately US$41.5 million. In connection with the acquisition of Marquee Station, new financing in the amount of approximately US$30.2 million has been secured for a nine month term with one three-month extension available. Subject to certain conditions, financing is interest only and will be payable at a blended interest rate of approximately 2.94% per annum.
Marquee Station consists of twelve, three-storey walk-up buildings on an eighteen acre site comprised of one, two and three bedroom units. Each apartment unit at Marquee Station contains modern interior finishes, including wood plank flooring, nine foot ceilings with custom trim and crown molding, gourmet-inspired kitchens with brushed nickel fixtures, designer wood cabinetry, high-efficiency appliances, granite countertops and a breakfast bar, walk-in laundry rooms with a full-size washer and dryer, ceramic tiled garden tubs, and private porches or balconies. Indoor amenities at Marquee Station include a designer clubhouse with a 24-hour business hub, a billiards room, a pet grooming salon, a fully-equipped fitness centre with a cardio room, and an interactive gaming lounge and media studio. Exterior features include a saltwater pool with a cabana and poolside trellis area, an onsite car care centre, and an entertainment area with natural gas grills. The property also has 42 climate-controlled storage units and 68 detached garages. As of February 23, 2016, Marquee Station's occupancy was 93.6%.
Following completion of the acquisition, the Fund retained Greystar Real Estate Partners ("Greystar"), the largest third-party, multi-family property manager in the United States, as the property manager at Marquee Station. Greystar is currently managing five additional communities for the Fund.
The Fund Portfolio
Following the acquisition of Marquee Station, the Fund now has interests in and operates a portfolio comprising 2,606 recently constructed, Class "A" stabilized, income producing multi-family real estate suites located in Dallas and Houston, Texas, Charlotte and Raleigh, North Carolina and Atlanta, Georgia.
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: Evan Kirsh, President, Starlight U.S. Multi-Family Core Fund, 647-725-0417, firstname.lastname@example.org