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TORONTO, March 29, 2018 /CNW/ - Starlight U.S.
Multi-Family (No. 5) Core Fund (TSX.V: STUS.A, STUS.U) (the "Fund")
is pleased to announce it has closed the acquisition of
Alexander Village, a 320 suite,
Class "A", garden style apartment community completed in 2015 and
located at 9224 Graham Ridge Drive in Charlotte, North Carolina.
The approximate US$59.10 million
purchase price for Alexander
Village was satisfied by cash on hand from the previously
announced disposition of Greenhaven Apartments and The Villages at
Sunset Ridge, and with proceeds from the Fund's revolving credit
facility.
Alexander Village is located
approximately 14 kilometres northeast of downtown Charlotte in the University Research Park
which houses UNC Charlotte and Fortune
500 Companies including IBM, Wells Fargo, TIAA-CREF, General Motors
and Michelin. The property consists of twelve, three and four
storey walk-up buildings and four, one storey cottages on an
approximately 18.5 acre site comprised of one, two, and three
bedroom suites. Alexander
Village's suites feature modern interior finishes including
stainless steel appliances, granite countertops, custom cabinetry,
tile backsplashes, under mount sinks, new carpet and wood-style
plank flooring, walk-in closets, soaker tubs and a full-size
catering kitchen. As at March 29,
2018, Alexander Village is
leased at 92.2%.
Following completion of the acquisition, the Fund retained
Greystar Real Estate Partners ("Greystar"), the largest third-party
multi-residential property management company in the United States to property manage
Alexander Village. Greystar
currently manages eight apartment communities, including
Alexander Village, for Starlight
U.S. Multi-Family in Atlanta,
Georgia; Charlotte and
Raleigh, North Carolina;
Denver, Colorado; and Houston, Texas.
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. Following the acquisition of
Alexander Village, the Fund owns
23 properties, consisting of 7,289 suites with an average year of
completion in 2012.
Securities Law
The acquisition of Alexander
Village constitutes a "related party transaction" under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The Fund relied
on the exemptions from the formal valuation and minority approval
requirements set out in subsection 5.5 (a) and paragraph 5.7 (1)(a)
of MI 61-101, respectively. The acquisition of Alexander Village was approved by the Fund's
Board of Directors (other than Daniel
Drimmer, who declared his interest in the acquisition of
Alexander Village and was recused
from voting) in accordance with the Fund's first amended and
restated limited partnership agreement dated as of October 12, 2016.
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.
To learn more about the Fund, visit www.starlightus.com.
SOURCE Starlight U.S. Multi-Family (No. 5) Core Fund