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Teravista Starlight

Starlight U.S. Multi-Family (No. 2) Core Plus Fund

Investment Highlights

Starlight U.S. Multi-Family (No. 2) Core Plus Fund was established in February 2021 to indirectly acquire, own and operate a portfolio primarily comprised of light value-add income-producing Class A”, institutional quality multi-family residences constructed in 1990 or newer, located in Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington.

$365M

Assets under management

3

Residences

995

Multi-Family Suites

2

Cities

Strategy

The Fund’s value-add strategy is focused on achieving increases in rental rates through high return, light value-add capital expenditures to rental suites, clubhouses and amenities in targeted geographic locations experiencing compelling population growth and employment growth aligning with changing lifestyle preferences. The light value-add strategy also includes active asset management utilizing reputable best-in-class U.S.-based property managers to implement net operating income growth by maximizing rental rates and ancillary revenue opportunities with rigorous operational controls to manage and reduce costs.

ACTIVE ASSET MANAGEMENT
  • Complete light value-add capital expenditures to suites, clubhouses and amenities to attract rental premiums
  • Increase revenue through rental maximization
  • Reduce operating expenses
  • Identify ancillary revenue opportunities
TARGET MARKETS

United States

  • United States Major markets with +1M populations (Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington)
  • Suburban sub-markets with strong job, population and economic growth
  • Strategically located 
TARGET ASSETS

Multi-Family

  • Class A”, institutional quality
  • Garden-style or mid-rise
  • Resort amenities
  • Built in 1990 or later
OBJECTIVE

Fund Objectives

The primary objective of the Fund is to enhance the value of its assets through active management prior to disposition. The Fund targets a minimum 11% pre-tax, investor internal rate of return upon disposition of the properties. Canadian dollar distributions are hedged. The Fund has a 3‑year investment horizon, with two one-year extensions available.

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Corporate Profile

LISTING DATE: MARCH 31, 2021

BOARD OF DIRECTORS AND AUDIT COMMITTEE:

  • Daniel Drimmer
  • Harry Rosenbaum, Lead director (Independent)
  • Kelly Smith (Independent)


EXECUTIVE OFFICERS:

  • Daniel Drimmer, Chief Executive Officer
  • Evan Kirsh, President
  • Martin Liddell, Chief Financial Officer
  • David Hanick, Corporate Secretary


UNIT CLASSES

  • Class A: Canadian dollar, TSX Venture Exchange listed
  • Class C: Canadian dollar unlisted
  • Class D: Canadian dollar unlisted
  • Class E: U.S. dollar unlisted
  • Class F: Canadian dollar unlisted
  • Class G: U.S. dollar unlisted
  • Class U: U.S. dollar, TSX Venture Exchange Listed

Insider Trading Policy
Board of Directors' Mandate
Audit Committee Charter
Code of Business Conduct and Ethics

Press Releases

2022

2022-11-25 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Strong Q3 2022 Operating Results Including Same Property NOI Growth Of 12.7%, Distributions Paused Due To Elevated Interest Rates
2022-10-17 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces October 2022 Distributions
2022-10-03 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Provides Initial Update on Florida and North Carolina Portfolios
2022-09-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces September 2022 Distributions
2022-08-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces August 2022 Distributions
2022-08-09 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Very Strong Q2 2022 Operating Results Including Same Property NOI Growth Of 14.5%
2022-07-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces July 2022 Distributions
2022-06-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces June 2022 Distributions
2022-05-16 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces May 2022 Distributions
2022-05-10 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Q1 2022 Results Including Annualized Rent Growth of 8.8 percent
2022-04-27 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Completes Refinancing of Existing Property and Acquisition of Class “A” Property in Raleigh, North Carolina
2022-04-19 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces April 2022 Distributions
2022-03-31 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund to Refinance Existing Property and Acquire Class “A” Institutional Quality Property in Raleigh, North Carolina Comprising 320 Multi-Family Suites
2022-03-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces March 2022 Distributions
2022-03-08 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Q4 2021 Results Including NOI 4.5% Ahead of Forecast Driven By Strong Rent Growth
2022-02-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces February 2022 Distributions
2022-01-17 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces January 2022 Distributions

2021

2021-12-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces December 2021 Distributions
2021-11-23 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Strong Third Quarter Results Including Annualized Rent Growth of 12.2% and NOI 4.7% Ahead of Forecast
2021-11-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces November 2021 Distributions
2021-10-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces October 2021 Distributions
2021-09-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces September 2021 Distributions
2021-08-16 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces August 2021 Distributions
2021-08-10 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Second Quarter Results with Strong Rent Growth, Occupancy and Collections
2021-07-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces July 2021 Distributions
2021-06-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces June 2021 Distributions
2021-05-17 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces May 2021 Distributions
2021-05-11 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces First Quarter Results with Strong Collections and Occupancy Following Successful Initial Public Offering
2021-04-15 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces April 2021 Distributions And Conversion Ratios
2021-03-31 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Completes Acquisition of Initial Two Class “A” Institutional Quality Properties Comprising 675 Suites
2021-03-31 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Completes Successful Initial Public Offering and Raises Approximately Cdn $107.0 Million
2021-03-22 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Announces Achievement of Minimum Offering, Files Initial Public Offering Final Prospectus and Sets Closing Date For Offering
2021-02-01 – Starlight U.S. Multi-Family (No. 2) Core Plus Fund Files Preliminary Prospectus for Maximum US$180.6 Million Initial Public Offering

Tax Information

Qualified Notice

The Fund’s limited partnership tax factors (T5013 and RL15) relating to each fiscal year are available on the CDS Innovations Inc. website.

For more information or assistance, contact Starlight U.S. Multi-Family at info@​starlightus.​com.