June 22, 2017 Comments Off on Canadian Fund Acquires Two Southwest MF Assets for $155M Views: 707 Arizona, National News, Southwest, Texas News

Canadian Fund Acquires Two Southwest MF Assets for $155M

Toronto-based Starlight U.S. Multi-Family (No. 1) Value-Add Fund acquired two properties located in Round Rock, TX and Phoenix, comprising 943 multifamily residential units for an aggregate purchase price of roughly $154.8 million. Proceeds from the funds IPO and new first mortgages totaling $105 million were used to complete the acquisition.

The properties include:

  • The Landing at Round Rock (pictured), a 583-unit property with 44 three-story apartment buildings on a 33.2-acre site located north of downtown Austin at 7711 O’Connor Road.
  • Spectra South, a 360-unit apartment property with 19 three-story buildings located on a 11.3-acre located north of downtown Phoenix at 20425 North 7th St.

The Round Rock property will be managed by Austin-based Roscoe Properties, Inc., while the Phoenix asset will be managed by Alliance Residential Company.

Read more at PR Newswire

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