/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Aug. 29, 2017 /CNW/ - Starlight U.S.
Multi-Family (No. 5) Core Fund (TSX.V: STUS.A, STUS.U) (the
"Fund") announced today following an initial review of each
of its multi-family properties located in the State of Texas, that none of the Fund's
properties located in Houston,
Dallas, Austin or San
Antonio have incurred any material damage as a result of
Tropical Storm Harvey to date. The Fund's initial reports also
confirm its tenants remain safe without injury.
As a result of the ongoing storm activity presented by Tropical
Storm Harvey, the Fund is currently unable to determine the full
extent of the potential damage at the Fund's Texas properties. The Fund will continue to
monitor its Texas portfolio and
expects to provide updates when available. Subject to specified
exceptions and deductibles, any flood related damage is expected to
be covered under the insurance policies of the Fund and its
tenants.
"On behalf of Starlight U.S. Multi-Family and Starlight
Investments, we wish to express our deepest concern for the
well-being of all who have encountered the devastation caused by
Tropical Storm Harvey. Our first priority is to ensure the safety
and security for our residents and those dedicated to their
well-being." commented Evan Kirsh,
the Fund's President.
Forward-Looking Information
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
condition of the Fund's properties, the impact of Tropical Strom
Harvey, the availability of insurance and overall improvement of
the financial performance of the Fund. 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 condition of the Fund's
properties; the impact of Tropical Strom Harvey; the
availability of insurance; the experience of the Fund's officers
and directors; substitutes for residential real estate rental
suites; 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
condition of the Fund's properties; the impact of Tropical Strom
Harvey; the availability of insurance; 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.
About Starlight U.S. Multi-Family (No. 5) 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 (No. 5) Core Fund