Search

SKIP_TO_MAIN_CONTENT
Lyric, Starlight

Starlight U.S. Residential Fund

Investment Highlights

Starlight U.S. Residential Fund was established in September 2021 to indirectly acquire, own and operate a portfolio of multi-family properties and single-family rental homes that demonstrate value based on pricing and local supply and demand trends to achieve the Fund’s target metrics. The properties primarily in Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington.

$690M

Assets under management

6

Multi-Family Residences

1,973

Multi-Family Suites

6

Multi-Family Markets

98

Single-Family Residences

1

Single-Family Market

Strategy

The Fund’s strategy is focused on achieving significant increases in rental rates as a result of undertaking high return, 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 Fund’s 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
  • Active, continuous revenue management
  • Reduce operating expenses
  • Renovate suites and common areas in multi-family properties and deferred maintenance and targeted renovations in single family homes to attract rental premiums
  • Identify ancillary revenue opportunities
TARGET MARKET

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 long-term job, population and economic growth
  • Strategically located within respective suburban submarkets with barriers to new development or limited supply
TARGET ASSETS

Multi-Family & Single-Family

Multi-Family Targets:

  • Garden- and wrap-style, Class A”, institutional quality multi-family properties
  • Resort amenities
  • Built in 1990 or newer with no less than 200 suites

Single-Family Target:

  • Built in 1970 or newer
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.

Loading map...

Corporate Profile

LISTING DATE: NOVEMBER 15, 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 I: Canadian dollar unlisted, Institutional Class
  • 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. Residential Fund Achieves Annualized Rent Growth of 17.4% During Q3-2022, Distributions Paused Due to Elevated Interest Rates
2022-10-17 – Starlight U.S. Residential Fund Announces October 2022 Distributions
2022-10-03 – Starlight U.S. Residential Fund Provides Initial Update on Impact of Hurricane Ian on Florida and North Carolina Portfolios
2022-09-14 – Starlight U.S. Residential Fund Announces September 2022 Distributions
2022-08-15 – Starlight U.S. Residential Fund Announces August 2022 Distributions
2022-08-09 – Starlight U.S. Residential Fund Announces Very Strong Q2-2022 Operating Results Driven By 13.9% Rent Growth During Q2-2022
2022-07-15 – Starlight U.S. Residential Fund Announces July 2022 Distributions
2022-06-15 – Starlight U.S. Residential Fund Announces June 2022 Distributions
2022-05-25 – Starlight U.S. Residential Fund Acquires Class “A” Institutional Quality Multi-Family Property in Phoenix, Arizona Completing Full Deployment of Initial Public Offering Proceeds
2022-05-16 – Starlight U.S. Residential Fund Announces May 2022 Distributions
2022-05-10 – Starlight U.S. Residential Fund Announces Q1 2022 Results Ahead of Forecast Driven By 11% Annualized Rent Growth
2022-04-27 – Starlight U.S. Residential Fund Completes Acquisition of Class “A” Institutional Quality Multi- Family Property in Orlando, Florida
2022-04-19 – Starlight U.S. Residential Fund Announces April 2022 Distributions
2022-04-18 – Starlight U.S. Residential Fund to Acquire Class “A” Institutional Quality Property in Phoenix, Arizona Comprising 272 Multi-Family Residential Suites
2022-03-28 – Starlight U.S. Residential Fund to Acquire Class “A” Institutional Quality Property in Orlando, Florida Comprising 264 Multi-Family Residential Suites
2022-03-15 – Starlight U.S. Residential Fund Announces March 2022 Distributions
2022-02-15 – Starlight U.S. Residential Fund Announces February 2022 Distributions
2022-01-31 – Starlight U.S. Residential Fund Announces Q4 2021 Results Ahead of Forecast Driven by Strong Occupancy and Rent Growth
2022-01-28 – Starlight U.S. Residential Fund Announces Correction of January 2022 Distributions
2022-01-17 – Starlight U.S. Residential Fund Announces January 2022 Distributions

2021

2021-12-21 – Starlight U.S. Residential Fund Completes Acquisition of Class “A” Institutional Quality Multi-Family Property in Austin, Texas
2021-12-15 – Starlight U.S. Residential Fund Announces December 2021 Distributions
2021-12-14 – Starlight U.S. Residential Fund to Acquire Class “A” Institutional Quality Multi-Family Property in Austin, Texas Comprising 304 Suites
2021-11-24 – Starlight U.S. Residential Fund Announces Unit Conversion Ratios
2021-11-16 – Starlight U.S. Residential Fund Completes Acquisition of Class “A” Institutional Quality Property in Las Vegas, Nevada Comprising 376 Multi-Family Residential Suites
2021-11-15 – Starlight U.S. Residential Fund Completes Acquisition of Class “A” Institutional Quality Property in Tampa, Florida Comprising 268 Multi-Family Residential Suites
2021-11-15 – Starlight U.S. Residential Fund Completes Initial Public Offering and Raises Approximately CDN$312.0 Million for Initial Acquisition of Three Class “A” Institutional Quality Multi-Family Properties
2021-10-28 – Starlight U.S. Residential Fund Announces Achievement of Minimum Offering, Files Initial Public Offering Final Prospectus and Sets Closing Date for Offering
2021-10-12 – Starlight U.S. Residential Fund Forms Dealer Syndicate, Increases Size of Initial Public Offering to a Maximum of US$304.2 Million and Files Amended and Restated Preliminary Prospectus
2021-10-05 – Starlight U.S. Residential Fund Files Preliminary Prospectus for Maximum US$197.6 Million Initial Public Offering

Tax Information

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.