/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 11, 2016 /CNW/ - Starlight U.S. Multi-Family Core Fund (TSX.V: UMF.A, UMF.U) (the "Fund") announced today that it has sold Bridgemoor at Denton ( "Bridgemoor"), a Class "A", 240 unit, single storey, 55+ age restricted community in the Dallas suburb of Denton, Texas, built between 2008 and 2010, for US$31,250,000. Bridgemoor consists of 32 single-storey buildings on a 19.137 acre site, comprised of one and two bedroom units. The proceeds from the sale will be used to repay the outstanding mortgage debt on the property, with the remainder expected to be utilized for future acquisitions.
Evan Kirsh, President of the Fund, commented, "The sale of Bridgemoor at Denton demonstrates the Fund's ability to acquire an asset, add value through active asset management and realize full value on disposition."
The Fund Portfolio
Following completion of the sale of Bridgemoor, the Fund now has interests in and operates a portfolio comprising 2,341 recently constructed, Class "A" stabilized, income producing multi-family real estate units located in Dallas and Houston, Texas, Charlotte, 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.
This news release contains statements that may constitute forward-looking statements within the meaning of Canadian securities laws and which reflect the Fund's current expectations regarding future events, including statements concerning the use of proceeds from the sale of Bridgmoor. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for Fund or the real estate industry are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.
The forward-looking statements in this news release involve risks and uncertainties, including those set forth in the Fund's materials filed with the Canadian securities regulatory authorities from time to time at www.sedar.com. Actual results could differ materially from those projected herein. Those risks and uncertainties include, among other things, risks related to: reliance on the Fund's manager; the availability of future acquisitions; the experience of the Fund's officers and directors; substitutes for residential real estate rental units; reliance on property management; competition for real property investments and tenants; and U.S. market factors.
Information contained in forward-looking statements is based upon certain material assumptions that were applied in developing such forward-looking statements including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the use of proceeds from the sale of Bridgmoor; the ability of the manager of the Fund to manage and operate the Fund's properties; the ability of the property managers selected to manage the Fund's properties; the population of multi-family real estate market participants; assumptions about the markets in which the Fund operates; the global and North American economic environment; foreign currency exchange rates; and governmental regulations or tax laws. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, none of the Fund or its manager undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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