Ontario-governed Starlight U.S. Multi-Family Core Fund has partially acquired the Villages of Sunset Ridge, an apartment complex in Humble, Texas. Starlight has acquired a 50 per cent interest in the community, which was built in 2013. The remaining 50 per cent will be acquired by Daniel Drimmer, director and the CEO of Starlight U.S. Multi-Family Core GP, Inc.

Consisting of nine three-storey buildings, Sunset Ridge features 257 one-, two- and three-bedroom suites. Each unit contains hardwood flooring, air conditioning and granite countertops. The 11-acre property includes amenities such as a central clubhouse with complimentary Wi-Fi access, fitness centre, games room, dog park and outdoor swimming pool. The building is about 95 per cent occupied.

Financing for the property, at $10.4 million U.S., has been secured at a capitalization rate of 3.52 per cent. Greystar Real Estate Partners, the largest multi-family property manager in the Houston area, will continue to manage the complex.