/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
Jan. 31, 2014 /CNW/ - Starlight U.S.
Multi-Family (No. 2) Core Fund (TSX.V: SUD.A, SUD.U) (the
"Fund") announced today that the occupancy of the Fund's
properties as at January 27, 2014 was
93.8%, being 1.0% 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. In addition, the Fund's manager
has implemented yield management software at each of the Fund's
properties and is utilizing the software to adjust 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.
The Fund is also pleased to announce that since
its initial public offering, the U.S. dollar has appreciated
against the Canadian dollar by approximately 7%. As the Fund's
Canadian dollar offering proceeds were immediately converted into
U.S. dollars to purchase the Fund's properties, there would be an
approximate 7% currency gain if the Fund's properties were
liquidated and the proceeds were converted back into Canadian
dollars.
Further details regarding market conditions
where the Fund's properties are located and the Fund's property
performance are available in the Fund's January 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 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.
Information 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