- What A Starlight Investments fund has sold a Las Vegas multifamily property
- Why The firm had owned the rental complex for nine years
- What next Starlight will use the proceeds to repay the mortgage on the property
Starlight Investments’ Starlight U.S. Residential Fund has sold a multi-building apartment complex in Las Vegas for US$103.5m (C$143.4m).
The complex, dubbed South Blvd, comprises 29 garden-style buildings with 376 suites. The price works out to roughly C$381,000/suite. The buyer of South Blvd was not disclosed.
Starlight purchased the property, at 10200 Giles Street, in 2016 for US$53.6m. At the time it had only 320 units.
The complex, on 18 acres, has one- to three-bedroom suites. Amenities include a pool, barbecue areas, a playground, a 24-hour gym, a games room and a coffee lounge.
All residential buildings are two storeys, with a single-storey clubhouse. There are 727 parking spaces.
Starlight intends to use the proceeds from the sale to repay the pending mortgage maturity on the property. The remaining balance will be used to repay additional credit facilities of the fund.
The fund is negotiating a modification and extension of one of its loans that had a maturity date of April 9, as the fund could not meet the loan-extension requirements. The fund is also negotiating with the lender on two additional loans that mature in May and June to modify and extend the loans. The fund does not expect it will be able to meet the loan-extension requirements under the current agreements.
Starlight Investments is a Toronto-based real estate investment and asset management firm with over 70,000 multifamily units and more than 7m sq ft of commercial-property space.
The Starlight U.S. Residential Fund buys, owns and operates a portfolio of multifamily and single-family residential rental properties in the U.S. It primarily operates in Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Tennessee, Texas, Utah and Washington.
