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TORONTO, April 12, 2019 /CNW/ - Starlight U.S.
Multi-Family (No. 1) Value-Add Fund (TSX.V: SUVA.A, SUVA.U) (the
"Fund") announced today that it has completed the acquisition of
the remaining interest of approximately 8.5% (the
"Acquisition") in Landmark at Coventry Pointe ("Coventry
Pointe"), a 250-unit, garden style, value-add multi-family property
completed in 2002 and located in Atlanta,
Georgia, pursuant to the previously disclosed terms. In
connection with the Acquisition, the Fund now has a 100% interest
in Coventry Pointe.
The Fund also announced today that it has refinanced the
mortgage at Coventry Pointe for net proceeds of approximately
US$2.6 million as well as a
US$3.8 million capital advance line
which can be drawn to fund future value-add initiatives at Coventry
Pointe. The mortgage bears interest at LIBOR + 200 bps and provides
for interest only repayments until maturity in January 2021 (the "Refinancing"). The proceeds
from the Refinancing were partially used to fund the
Acquisition.
Coventry Pointe
Coventry Pointe consists of 18, three and four storey walk-up
buildings on a 35.5 acre site comprised of one- bedroom,
two-bedroom and three-bedroom suites. The apartment suites feature
white raised-panel cabinets, white appliances including dishwashers
and microwaves, brushed nickel and chrome hardware, vinyl flooring
and pantries in the kitchen. Bedrooms and living areas include
carpet flooring, wiring for ceiling fans, crown molding, oversized
walk-in closets, and porches/balconies. The bathrooms are outfitted
with garden tubs, tile surrounds and vinyl flooring. Indoor
amenities include a spacious clubhouse, business centre, fitness
room and an enclosed mail centre. Outdoor amenities include a
resort-quality swimming pool, two tennis courts, a dog park, a
large playground with a variety of equipment, a picnic area, green
space with nature paths, and a car wash station. As part of the
Fund's business plan, Coventry Pointe is being repositioned to a
modern standard with upgraded suite finishes, attractive common
areas and amenity spaces and improved curb appeal. As of
April 1, 2019, Coventry Pointe's
occupancy was 93.6%.
Following completion of the Acquisition, The Worthing Companies
("Worthing") continued as the property manager at Coventry Pointe.
Worthing currently manages three multi-family communities for
Starlight U.S. Multi-Family in Atlanta,
Georgia, including Coventry Pointe.
The Fund Portfolio
Following the Acquisition, the Fund
has interests in and operates a portfolio comprising 1,193
multi-family suites in three value-add, income producing apartment
communities located in Phoenix,
Arizona; Atlanta, Georgia;
and Austin, Texas.
About Starlight U.S. Multi-Family (No. 1) Value-Add
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. 1) Value-Add Fund