/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES./
TORONTO , June 2, 2023
/CNW/ - Starlight U.S. Residential Fund (TSXV: SURF.A) (TSXV
SURF.U) (the "Fund") announced today that it has closed on the
previously announced disposition of 56 ("SFR Sale Portfolio") of
its 98 single-family homes located in the suburban area of
Atlanta, Georgia.
Pursuant to a purchase and sale agreement (the "Agreement")
dated May 19, 2023, the Fund has sold
the SFR Sale Portfolio to an institutional investor (the
"Purchaser") for approximately US$13.77
million. Proceeds from the sale have been used to pay down
the Fund's single-family credit facility which now has an
outstanding balance of approximately US$1.1
million with an interest rate equal to the secured overnight
financing rate (SOFR) + 3.10%. Following the sale of the SFR Sale
Portfolio, the Fund will continue to own and operate 42 single
family homes.
The Fund retained Roofstock Realty LLC ("Roofstock") to
represent the Fund relating to the sale. Roofstock is a leading
single-family home marketplace and broker with transaction
experience of ~US$5 billion.
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.
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.starlightinvest.com or contact:
SOURCE Starlight U.S. Residential Fund
