Not for distribution to U.S. newswire
services or for dissemination in the
United States.
TORONTO, Dec. 21, 2021 /CNW/ - Starlight U.S. Residential
Fund (TSXV: SURF.A) (TSXV: SURF.U) (the "Fund")
announced today that, further to its initial announcement dated
December 14, 2021, it has acquired
Emerson at Buda ("Emerson"), a Class "A" institutional
quality multi-family property completed in 2021 and located in a
suburb of Austin, Texas (the
"Property"). The US $80.0 million
purchase price was satisfied by proceeds from the initial public
offering and the Fund intends to finance Emerson with first mortgage debt
post-closing.
Emerson is located approximately 27 kilometres south of
downtown Austin at 950 FM2001. The
property is comprised of 304 multi-family residential suites in 22
garden-style two-storey buildings on a 16-acre site comprised of
one, two and three-bedroom suites. Amenities include a clubhouse,
resort style pool with cabanas, sand volleyball court, pet park and
dog spa, 24-hour fitness centre and a co-working space with video
conferencing facilities. Apartment suites feature stainless
steel appliance package, shaker cabinets, feature granite
countertops, stainless steel appliances, upgraded kitchen
cabinetry, walk-in closets, wood-style plank flooring, and kitchen
islands in select suites.
"We are excited to add another high-quality
apartment community to the Fund. Emerson at Buda is well situated in one of the most
dynamic markets in the US and will help to further geographically
diversify the Fund's Class "A" portfolio", Evan Kirsh, President Starlight U.S Residential
Fund
The Fund has retained Avenue5 Residential ("Avenue5") to
property manage Emerson. Avenue5
is a boutique property management company with over 80,000 suites
under management, including the Fund's Lyric Apartments property
located in Las Vegas,
Nevada. For more information, please visit
www.emersonbuda.com.
The Fund has provided notice to the TSX Venture Exchange of the
completion of its acquisition of Emerson at Buda.
Forward-looking Statements
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 the ability to deploy the
remaining proceeds from the initial public offering and the
financial performance of the Fund and its properties, including the
impact of COVID-19 on the business and operations of the Fund and
Emerson. 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:
financing of Emerson; the ability
to deploy the remaining proceeds from the initial public offering
and any refinancing; the impact of COVID-19 on the Fund's
portfolio, including Emerson, as
well as the impact of COVID-19 on the markets in which the Fund
operates and the trading price of the Fund's listed units; the
applicability of any government regulation concerning the Fund's
tenants or rents as a result of COVID-19; reliance on the Fund's
manager; the expected benefits of the ownership of Emerson; 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 United States 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
overall financial performance of the Fund's portfolio including as
a result of the acquisition and financing of Emerson; the ability to deploy the remaining
proceeds from the initial public offering and any refinancing; the
impact of COVID-19 on the Fund's portfolio, including Emerson, as well as the impact of COVID-19 on
the markets in which the Fund operates and the trading price of the
Fund's listed units; the applicability of any government regulation
concerning the Fund's tenants or rents as a result of COVID-19; 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. Residential Fund
The Fund is a trust formed under the laws of Ontario for the primary purpose of indirectly
acquiring, owning, and operating a portfolio of income producing
multi-family and single- family residential rental properties in
the U.S. residential real estate market located primarily in
Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North
Carolina, Oregon,
South Carolina, Tennessee, Texas, Utah
and Washington. The Fund currently
has interests in and operates a portfolio comprising interests in
1,437, Class "A" stabilized, income producing multi-family
residential suites located in Austin,
Texas, Tampa, Florida,
Las Vegas, Nevada and Raleigh, North Carolina, and 45 single-family
residential rental homes in Atlanta,
Georgia.
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. Residential Fund