/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, April 30, 2014 /CNW/ - Starlight U.S.
Multi-Family (No. 2) Core Fund (TSX.V: SUD.A, SUD.U) (the
"Fund") today updated investors on the occupancy and rental
rates at the Fund's properties.
The occupancy of the Fund's properties from the commencement of
operations in November 2013 to
March 31, 2014 was 93.6% or 0.8%
higher than the forecasted occupancy for the period ending
March 31, 2014 as set out in the
Fund's final prospectus dated October 30,
2013.
"Given the strong occupancies at our properties, the Fund is
aggressively increasing rental rates on both new and renewal leases
while concessions are being curtailed," said Evan Kirsh, President of the Fund. "In addition,
we have implemented yield management software at each of the Fund's
properties. We are utilizing the software to optimize asking rents
and renewal rents in real time, based on supply and demand for
different unit types."
Property management for the
Falls at Eagle Creek is provided by Greystar Real Estate
Partners, the largest third party multi-family property manager in
the United States. Property
Management for Palm Valley is provided by Alliance Residential
Company, the tenth largest third party multi-family property
manager in the United States.
Property Management for Soho Parkway is provided by the Pinnacle
Family of Companies, the fourth largest third party multi-family
property manager in the United
States. These firms provide the Fund with outstanding local
market relationships, knowledge and infrastructure.
Further details regarding market conditions where the Fund's
properties are located and the Fund's property performance are
available in the Fund's April 2014
Newsletter which is available at
http://www.starlightinvest.com/starlight-u-s-multi-family-no-2-core-fund.
About Starlight U.S. Multi-Family (No. 2) 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.
Forward-Looking Information
This news release contains statements that may constitute
forward-looking information within the meaning of Canadian
securities laws and which reflect the Fund's current expectations
regarding future events, including statements concerning: currency
gains; national and local real estate market conditions and
economic variables; rental rates; and occupancy rates.
Particularly, statements regarding future results, performance,
achievements, prospects or opportunities for the Fund or the real
estate industry are forward-looking statements. In some cases,
forward-looking information 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 information in this news release involves
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 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; U.S. market factors; and
currency exchange rates.
nformation contained in forward-looking information is based
upon certain material assumptions that were applied in drawing a
conclusion or making a forecast or projection, 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 inventory of multi-family real estate
properties; the population of multi-family real estate market
participants; assumptions about the markets in which the Fund
operates; the ability of the manager of the Fund to manage and
operate the properties; 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, neither the Fund nor its
manager undertakes 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 (No.2) Core Fund