Starlight U.S. Multi-Family announced it has acquired a 50 per cent interest in a 250-unit, garden style property known as Coventry Pointe, in Atlanta, Georgia. The remaining 50 per cent interest in the property will be indirectly acquired by Daniel Drimmer, director and Chief Executive Officer of Starlight U.S. Multi-Family (No. 1).
All decision-making in respect to Coventry Pointe will be jointly made by Mr. Drimmer and the Fund through established governance practices. In connection with the acquisition of Coventry Pointe, the Fund has now fully deployed the proceeds of its initial public offering, which closed on June 16, 2017.
Coventry Pointe consists of 18, three and four storey walk-up buildings on a 35.5 acre site comprised of one-bedroom, two-bedroom and three-bedroom units. Currently, apartment units feature white raised-panel cabinets, white appliances including dishwashers and microwaves, brushed nickel and chrome hardware, vinyl flooring, and pantries in the kitchen. Bedrooms and living areas include carpet flooring, wiring for ceiling fans, crown molding, oversized walk-in closets, and porches/balconies. The bathrooms are outfitted with garden tubs, tile surrounds, and vinyl flooring.
Indoor amenities include a spacious clubhouse, business centre, fitness room, and an enclosed mail centre. Outdoor amenities include a resort-quality swimming pool, two tennis courts, a dog park, a large playground with a variety of equipment, a picnic area, green space with nature paths, and a car wash station. As part of the Fund’s business plan, Coventry Pointe will be repositioned to a modern standard with upgraded unit finishes and modernized common areas and amenity spaces, and the property’s curb appeal will be improved. As of January 3, 2018, Coventry Pointe’s occupancy was 95.2 per cent.
The Fund has retained The Worthing Companies to manage Coventry Pointe. Worthing currently manages one other multifamily community for Starlight in Atlanta, Georgia.