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Bluestone 1, Starlight

Starlight Western Canada Multi-Family
(No. 2) Fund

Investment Highlights

Starlight Western Canada Multi-Family (No. 2) Fund was established in November 2021 to acquire, own and operate a portfolio of newer vintage residences and newly constructed income-producing, multi-family residences. These assets are located in Vancouver Island and mainland British Columbia.

$130M

Equity raised

9

Residences

944

Multi-family suites

4

Cities

Strategy

The Fund’s strategy is focused on active asset management and utilizing best-in-class property managers to implement net operating income growth. This is achieved by maximizing rental rates and revenue enhancement through ancillary income opportunities as well as operating expense reductions. The Fund has a 3‑year investment horizon, with two one-year extensions available.

ACTIVE ASSET MANAGEMENT
  • Utilize the Manager’s network to source attractive acquisitions
  • Deliver active, continuous revenue management and growth through market rent achievement
  • Reduce operating expenses through economies of scale
  • Identify ancillary revenue opportunities through national procurement program
TARGET MARKETS

British Columbia

British Columbia markets with compelling employment, population and economic growth rates including:

  • Attractive opportunities for new immigrants to Canada

  • Relatively comfortable climates and quality of life

TARGET RESIDENCES

Multi-Family

  • Recently constructed or new vintage
  • Well located within their respective submarkets
  • Strategically located, demonstrating a supply-demand imbalance as well as barriers to new development



The Fund targets a 12% gross pre-tax investor internal rate of return upon disposition.

Corporate Profile

Board of Trustees and Audit Committee

  • Denim Smith, Chair of the Board
  • Lawrence Wilder
  • Tracy Sherren

Executive Officers

  • Daniel Drimmer, President and Chief Executive Officer
  • Glen Hirsh, Chief Operating Officer
  • Martin Liddell, Chief Financial Officer
  • David Hanick, Corporate Secretary

Unit Classes (Unlisted)

  • Class A: Canadian dollar, fee-based
  • Class B: Canadian dollar, selling concession
  • Class C: Canadian dollar
Audit Committee Charter
Board Mandate
Code of Conduct
Insider Trading Policy

Press Releases

Tax Information