Multi-family Suites in Langford and Nanaimo Included In Plan
VICTORIA – Starlight Western Canada Multi-Family (No. 2) Fund has filed a preliminary prospectus for a maximum $100 million initial public offering, with their list of intended acquisitions including properties in Langford and Nanaimo.
The properties that are to be purchased following completion of the initial public offering include 60 multi-family suites at 733 Goldstream Avenue in Langford and 251 multi-family suites at 6036 Linley Valley Drive and 4800 Uplands Drive in Nanaimo.
According to a press release, the fund was established on November 12 for the primary purpose of “directly or indirectly acquiring, owning, operating and stabilizing a portfolio of newer vintage and newly-constructed income-producing, multi-family real estate properties that demonstrate value based on pricing and local supply and demand trends to achieve the Fund’s target metrics by increasing in-place rents to market rents, revenue enhancement through ancillary income opportunities and operating expense reductions as a result of active asset management.”
The Fund is the first limited-term, public vehicle launched by Starlight Group Property Holdings Inc. targeting properties in Canada to raise funds through a prospectus offering. Starlight is the promoter of the Fund and an affiliate of Starlight will act as manager of the Fund.
Starlight currently owns and/or manages $23 billion in assets in Canada and the United States, including more than 900 properties, approximately 70,000 multi-family suites (of which approximately 60,000 multi-family suites are located in Canada spread across seven provinces and all three territories, with a current approximate value of $18 billion), and approximately 8,000,000 square feet of commercial space.
Starlight has 9,500 multi-family suites under management in Western Canada with a value of approximately $3.2 billion.
