Starlight partners with PSP Investments and AIMCo for USD1.3bn multi-family acquisition programme
Starlight Investments has partnered with the Public Sector Pension Investment Board (PSP Investments) and the Alberta Investment Management Corporation (AIMCo) to purchase Parkhouse Apartment Homes in Denver, Colorado.
The 465-unit Class A, garden-style, multi-family property, constructed in 2017, is the first acquisition in a planned USD1.3 billion programme focused on purchasing properties in the southern USA.
“We are entering into this newly formed Partnership with great excitement and expectations,” says 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 multi- family properties in select US markets.”
Micheal Dal Bello, Senior VP, Real Estate of AIMCo, says: “AIMCo is pleased to enter the Partnership and excited about the opportunity to expand our multi-family footprint to new markets. The Partnership capitalises on the synergies of our respective investment programs and creates a long-term platform to generate the returns required of our clients and stakeholders.”
The Partnership was formed to acquire USD1.3 billion of Class “A”, recently constructed, garden style multi-family communities located in the suburban markets of Atlanta, Georgia; Austin and Dallas, Texas; Denver, Colorado; Orlando and Tampa, Florida; and Phoenix, Arizona. Specifically, the Partnership will target submarkets that demonstrate superior rental income growth potential due to positive multi-family dynamics including compelling population, economic and employment growth.
“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,” adds Daniel Drimmer (pictured), CEO and President of Starlight Investments. “We look forward to building a premium multi- family portfolio in conjunction with PSP Investments and AIMCo.”