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Tuesday, 10 October 2017

Toronto Investment Manager Forms Venture Targeting U.S. Apartments

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Starlight Investments, a Toronto investment manager that targets apartment properties in the United States, has formed a partnership with two other Canadian investment managers to pursue recently built apartment properties in certain Sunbelt markets.

The two investors are the Public Sector Pension Investment Board of Ottawa, which has $135.6 billion of assets under management on behalf of the Canadian Forces and Reserve Force as well as the Royal Canadian Mounted Police, and the Public Service and the Alberta Investment Management Corp., which has $100 billion under management on behalf of 32 retirement, government and endowment funds in the province of Alberta.

The partnership aims to buy up to $1.3 billion of garden-style properties in the Atlanta, Phoenix, Denver, Dallas, Austin, Texas, Orlando and Tampa, Fla., markets. It said it would target submarkets that "demonstrate superior rental income growth potential due to positive multi-family dynamics including compelling population, economic and employment growth."

It's made its first investment, buying the Parkhouse Apartment Homes, with 465 units in the Denver suburb of Thornton, Colo. The property, at 14310 Grant St., was completed earlier this year by an affiliate of Lennar Corp., which had offered it through HFF.

It's near a 320,000-square-foot shopping center that's being developed by Simon Property Group, across from the Grove, which is anchored by a 90,000-sf Cabela's and within walking distance of an 860,000-sf distribution facility that Amazon.com soon will occupy. It's also a mile from a planned commuter-rail station, which would provide access to Denver.

The property, which was 80 percent occupied as of the end of June, includes two clubhouses, each with a fitness center, game room and bicycle and ski repair shops. It also has two resort-style swimming pools, walking trails and outdoor kitchens. Units have an average of 914 square feet each.

Comments? E-mail Orest Mandzy, or call him at (267) 247-0112, Ext. 211.



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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Multifamily
  • Subject: Institutional Investment (INS), Joint ventures (JV)
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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