Starlight U.S. Multi-Family Core Fund recently announced that it has successfully completed the acquisition of two properties located in Orlando and Tampa, Florida, comprising 688 multi-family residential units for an aggregate purchase price of approximately US$96.93 million.
The Fund indirectly acquired a 100 per cent interest in Verano Apartments, a property located 37 kilometres south of downtown Orlando at 2200 Villa Verano Way, Kissimmee, Florida in a rapidly growing suburb of Orlando. In connection with the acquisition, the Fund assumed existing financing on the property in the amount of approximately US$40.78 million maturing in December 2017, with two, one-year extension options at an interest rate of approximately 3.50 per cent.
The property is comprised of 384 units in 18 predominantly three-storey apartment buildings on a 21.94 acre site ranging in size from one bedroom to three bedrooms and includes a central clubhouse that contains numerous modern amenities including a resort-style swimming pool with sundeck overlooking a pond, as well as a gourmet outdoor kitchen and car care centre.
The property has a state of the art fitness centre, child room with expansive playground, dog park and business centre. Units feature modern interior finishes such as black appliances, electric glass top range/oven, granite bar countertops, upgraded lighting and garden-style tubs. The property will be managed by Pinnacle Family of Companies, the fourth largest third-party, multi family property manager in the United States.
The Fund also indirectly acquired a 100 per cent interest in Grand Cypress, a property located 31 kilometres north of downtown Tampa at 1901 Cypress Preserve Drive, Lutz, Florida in a rapidly growing suburb of Tampa. In connection with the acquisition, the Fund assumed existing financing on the property in the amount of approximately US$32.20 million maturing in September 2015, with one, three-month extension option at an interest rate of one month LIBOR + 2.00 per cent per annum.
The property is comprised of 304 apartment units in 20 two-storey buildings and a central clubhouse located on a 62.11 acre site ranging in size from one bedroom to three bedrooms and includes a central clubhouse that contains modern amenities including a state-of-the-art 24 hour fitness and aerobic centre, media room, cyber café, children’s game room and business centre. The property has a resort-style swimming pool with beach entry, outdoor sports bar with entertainment area, grilling area, car care centre, fully equipped children’s playground and forested wetlands, lake and lush green areas. Units feature modern interior finishes such as stainless steel and black appliances, granite countertops, upgraded lighting and designer wood cabinets with brushed nickel hardware.
The property will be managed by The Altman Companies, a large, third party, multi-family, property manager in the U.S. with local market expertise and experience in developing and managing over 21,000 apartment units.
