Starlight Investments has secured two Canadian institutional investors to back its planned $1.3B shopping spree of U.S.-based Class-A multifamily assets.
The partnership between Public Sector Pension Investment Board, Alberta Investment Management Corp. and Starlight will focus on acquiring recently constructed, garden-style assets and will target submarkets that demonstrate strong rental income growth and positive multifamily dynamics such as healthy local economies and employment growth.
Target communities will be in suburban markets, including Atlanta; Austin and Dallas, Texas; Denver; Orlando and Tampa, Florida; and Phoenix, Arizona.
The first acquisition has taken place in Denver with the purchase of the 465-unit Parkhouse Apartment Homes, which was constructed in 2017.
“We are extremely pleased to acquire the first in a number of multifamily properties with global institutions and continue the expansion of the Starlight U.S. multifamily platform,” Starlight Investments President and CEO Daniel Drimmer said in a statement.
Denver has one of the lowest unemployment rates in the country and is one of the fastest-growing metros in the country. The area is also home to a large number of millennials, who are are estimated to drive renter demand through 2024.
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