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TORONTO, May 9, 2014 /CNW/ - Starlight U.S. Multi-Family Core Fund (TSX.V: UMF.A, UMF.U) (the "Fund") today announced that, as at May 1, 2014, its property portfolio was valued at US$21.4 million above its aggregate purchase price, which represents an approximate 48.2% gain on the proceeds raised in the Fund's initial public offering.
"We are pleased with the Fund's performance to date. The significant capital appreciation of the Fund's property portfolio reflects strong market conditions in the markets which the Fund operates as well as solid income growth resulting from the Fund's active asset management initiatives," said Evan Kirsh, President of the Fund.
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, email@example.com