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Starlight Commences $1.3 Billion U.S. Multifamily Acquisition Program

Parkhouse Apartments in Denver is first of what will be a billion dollar portfolio.
Parkhouse Apartments in Denver is first of what will be a billion dollar portfolio.

Toronto-based Starlight Investments has formed an institutional partnership with Canada’s Public Sector Pension Investment Board and the Alberta Investment Management Corp. (AIMCo) to acquire up to $1.3 billion of multifamily properties across the southern and western regions of the U.S.

“We are entering into this newly formed partnership with great excitement and expectations,” said Neil Cunningham, senior vice president, global head of real estate and natural resources at PSP Investments. “We are looking forward to working closely with Starlight and AIMCo to assemble a large, professionally managed, institutional quality portfolio of multifamily properties in select U.S. markets.”

The partnership is looking to acquire recently constructed, garden-style multifamily communities in the suburban markets of Atlanta, Austin, Dallas, Denver, Orlando, Phoenix and Tampa. The partnership will target submarkets that demonstrate superior rental income growth potential due to positive multifamily dynamics including compelling population, economic and employment growth.

The partnership’s first acquisition is Parkhouse Apt. Homes, a Class A, garden-style, multifamily property constructed in 2017 in the Denver suburb of Thornton, CO. The 465-unit complex at 14310 Grant St. sold for $121.6 million or about $261,505 per unit. (CoStar Sale Comp ID: 4023275)

“We are extremely pleased to acquire the first in a number of multifamily properties with two prominent global institutions and continue the expansion of the Starlight U.S. multifamily platform,” said Daniel Drimmer, CEO and president of Starlight Investments.

PSP Investments is one of Canada’s largest pension investment managers with $135.6 billion of net assets under management as of March 31, 2017. Alberta Investment Management is one of Canada’s largest and most diversified institutional investment managers with more than $100 billion of assets under management.

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