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
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