June 22, 2017
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.
For comments, questions or concerns, please contact Dennis Kaiser