11 October 2017
Reporter: Theo Andrew

$1.3 billion partnership targets multi-family communities

Starlight Investments, the Public Sector Pension Investment Board (PSP Investments) and the Alberta Investment Management Corporation (AIMCo) have joined forces to acquire $1.3 billion of class-A multi-family assets in the US.

According to the partnership, the joint venture is an opportunity that “capitalises on the synergies” of each of the respective investment programmes.

The joint venture will target communities showing “superior rental income growth potential” in the suburban markets of Atlanta, Austin, Dallas, Denver, Orlando, Tampa and Phoenix.

The group has already acquired Parkhouse Apartment Homes, a 465-unit multi-family property in Denver, Colorado.

Completed this year, the complex is located in the northern corridor of Denver, a city currently benefitting from population, economic and employment growth.

Neil Cunningham, global head of real estate and natural resources at PSP Investments, said: “We are looking forward to working closely with Starlight and AIMCo to assemble a large, professionally managed, institutional quality portfolio of multi- family properties in select US markets.”

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

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