Starlight Investments and its new institutional partners, the Public Sector Pension Investment Board and the Alberta Investment Management Corporation (AIMCO), announced that they have commenced their acquisition program with the purchase of Parkhouse Apartment Homes, a 465-unit, Class “A”, garden-style, multifamily property located in Denver, Colorado.
“We are entering into this newly formed partnership with great excitement and expectations,” said Neil Cunningham, Senior Vice President, Global Head of Real Estate and Natural Resources at PSP Investments. “We are looking forward to working closely with Starlight and AIMCo to assemble a large, professionally managed, institutional quality portfolio of multifamily properties in select U.S. markets.”
“AIMCo is pleased to enter the partnership and excited about the opportunity to expand our multifamily footprint to new markets,” said Micheal Dal Bello, Senior VP, Real Estate of AIMCo. “The partnership capitalizes on the synergies of our respective investment programs and creates a long-term platform to generate the returns required of our clients and stakeholders.”
The partnership was formed to acquire U.S.$1.3 billion of Class “A” recently constructed, garden-style multifamily communities located in the suburban markets of Atlanta, Georgia; Austin and Dallas, Texas; Denver, Colorado; Orlando and Tampa, Florida; and Phoenix, Arizona. Specifically, the partnership will target submarkets that demonstrate superior rental income growth potential due to positive multifamily dynamics including compelling population, economic and employment growth.
“We are extremely pleased to acquire the first in a number of multifamily properties with two prominent global institutions and continue the expansion of the Starlight U.S. multi-family platform,” added Daniel Drimmer, CEO and President of Starlight Investments. “We look forward to building a premium multifamily portfolio in conjunction with PSP Investments and AIMCo.”
Denver is one of the fastest growing U.S. metro areas with the lowest unemployment rate. The city is consecutively voted as the best place for businesses to grow by Forbes, with employers continuing to relocate and add jobs at a considerably faster rate than the national average. Denver is also a city where millennials, who are a key renter demographic, are the largest and fastest growing population group.
Parkhouse is ideally located in the prosperous northern corridor of Denver. The downtown is approximately 25 minutes to the south, providing easy access to major employment centres and entertainment. Within walking distance to Parkhouse is access to major retail hubs and local hospitals. Parkhouse is a luxury complex consisting of 20 three-storey garden-style apartment buildings, offering top of the market amenities including two clubhouses with fitness and business centres, a games room and a bike and ski repair shop. Outdoor amenities include two resort style swimming pools, outdoor kitchens, neighborhood parks and walking trails.
For more information, visit http://www.liveparkhouse.com