Starlight U.S. Multi-Family (No. 1) Core Fund and Starlight U.S. Multi-Family (No. 3) Core Fund announced that they have entered into an agreement to acquire Sorelle, a 401-unit, mid-rise, Class “A”, apartment complex, completed in 2009 and located in a rapidly growing area in north Atlanta, Georgia at 2399 Parkland Drive.

In connection with the acquisition of Sorelle, Starlight U.S. Fund No. 1 has agreed to acquire an indirect 35 per cent interest, and Fund No. 3 has agreed to acquire an indirect 65 per cent interest.  All decision making in respect of Sorelle, including day-to-day and material decisions, will be jointly made by the two Funds through established governance practices.

Sorelle consists of seven, three storey walk-up buildings on a 5.09 acre site comprised of studio, one bedroom and two bedroom units. Renovated apartment units at Sorelle contain modern interior finishes including black appliances, granite countertops, under mount sinks, new carpet and faux hardwood flooring, upgraded lighting, brushed nickel hardware, private patios or balconies and full-size washers and dryers.

Amenities at Sorelle include a state-of-the-art fitness facility, an internet café and billiards table, and a business centre. Exterior features include a gated, six-level parking garage with direct floor access, a saltwater swimming pool and sundeck, a social courtyard with a fire pit, and an on-site dog park. As of August 7, 2015, Sorelle’s occupancy was 96 per cent.