November 10, 2016
Starlight U.S. Multifamily Core Fund, headquartered in Toronto, acquired the 384-unit City North at Sunrise Ranch in Round Rock, TX. The private equity real estate investment firm bought the complex at 2800 Sunrise Ranch Rd. from Rosemont, IL-based McShane Development Co., which built and delivered the property in 2007. Alliance Residential has been retained to manage the property.
The price was undisclosed, with the Williamson Central Appraisal District assessing the asset’s value at $42.5 million. The 93%-occupied property offers one, two, and three-bedroom units. Amenities include a resident lounge, business center, fitness studio, pool, car care center and dog park. The acquisition means Starlight owns and operates 23 multifamily assets, totaling 6,972 units, across the southern United States.
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