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

Equity Raised $130M
Properties 7
Multi-family Suites 661
Number of Markets 3

Investment Highlights


Starlight Western Canada Multi-Family (No. 2) Fund was established in November 2021 to indirectly acquire, own and operate a portfolio of newer vintage and newly constructed income-producing, multi-family real estate properties which are geographically diversified across Vancouver Island and the mainland Province of British Columbia, and that demonstrate compelling investment fundamentals as a result of supply-demand imbalance as well as barriers to new development.

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 markets with compelling employment, population and economic growth rates including:
    • Attractive opportunities for new immigrants to Canada
    • Low rental vacancy rates and high rental growth rates
    • Relatively comfortable climates and quality of life.
TARGET MULTI-FAMILY PROPERTIES

  • 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
  • Deliver the opportunity to increase in-place rents to market rents, with significant value upside
ACTIVE ASSET MANAGEMENT

  • Increase revenue through rental optimization
  • Revenue enhancement through ancillary income opportunities
  • Best-in-class property management
  • Reduce operating expense

Stable Monthly Cash Distributions and Target Yield


The Fund offers across all unit classes an annual, pre-tax distribution target yield of 3-4% and targets a minimum 12% gross pre-tax, investor internal rate of return upon disposition.

Board of Trustees and Audit Committee:
  • Tracy Sherren
  • Denim Smith, Chair of the Board
  • Lawrence Wilder

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