Starlight U.S. Multi-Family announced it has entered into an agreement to acquire The Reserve at Jones Road in Houston, Texas; a 114 unit, garden style, Class “A” apartment complex, built in 2013.

The property consists of four, three-storey walk-up buildings on a 4.22 acre site comprised of one and two bedroom units. Each unit contains modern features including granite countertops in the kitchen and bathroom, custom wood cabinets, nine foot ceilings, island-style kitchens, over-sized combination tub/showers, upgraded lighting and laminate flooring in select units. All units also include a private patio or balcony area with an exterior storage room. As of October 27, 2014, occupancy was 94.7 per cent.

Amenities at The Reserve at Jones Road include a central clubhouse with a 24-hour fitness centre and an executive business centre. Outdoor amenities also include a salt water lagoon pool, cabana with gas grill, picnic area and dog park. The property has Wi-Fi high speed internet access in all common areas.

Following completion of the acquisition, the Fund expects to retain Greystar Real Estate Partners (“Greystar“), the largest third party, multi-family property manager in the United States, as the property manager at The Reserve at Jones Road.

Pursuant to a purchase and sale agreement effective September 15, 2014, Jones Road Acquisition LLC, an indirect wholly owned subsidiary of the Fund, has agreed to purchase The Reserve at Jones Road unencumbered for the purchase price of approximately US$13.14 million. The purchase agreement contains customary representations and warranties for a transaction of this nature. Subject to the satisfaction or waiver of conditions precedent, the purchase of The Reserve at Jones Road is scheduled to close on or about November 11, 2014.

A first mortgage loan in respect of the purchase of The Reserve at Jones Road in the amount of approximately US$9.2 million has been secured for a three year term with two one year extensions available. The loan will be interest only for the initial term and will be payable at an annual rate of LIBOR + 2.00%.

Following completion of the acquisition of The Reserve at Jones Road, the Fund expects to have interests in and operate a portfolio comprising 1,317 recently constructed, Class “A” stabilized, income producing multi-family real estate units located in Austin and Houston, Texas.