NEW PLAYER FROM CANADA MAKES FIRST VALLEY DEAL: $91.2 MILLION FOR 634 APARTMENTS

Starlight Investments Ltd. of Toronto, Ontario, Canada (Daniel Drimmer, CEO) has entered the Valley real estate market with the $91.2 million purchase ($143,849 per unit blended average) of 634 apartments in two north Phoenix projects.

The sellers in two transactions were companies formed by Trillium Residential LLC in Phoenix (Jamie Dawson, Ken Losch, principals). Developed by Trillium in phases in 2007 and 2012, the separately-operated properties occupy a 26.8-acre parcel at the northeast corner of 7th Street and the 101 Loop.

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The deal was brokered by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix.

Both acquisitions were made by a limited partnership formed by Starlight U.S. Multi-Family Core Fund, which is managed by Starlight Investments. In one of the transactions, North 7th Street Acquisition LP paid $48.712 million ($135,313 per unit) to acquire the 360-unit Trillium Deer Valley apartments at 20425 N. 7th Street. The seller was 7th and 101 Apartments Phase I LLC (Trillium entity). In the other sale, North 7th Street Acquisition LP paid $42.487 +($155,064 per unit) to buy the 274-unit Trillium North apartments at 20435 N. 7th Street. The seller was 7th and 101 Apartments Phase II LLC. Maricopa County records show the buyer acquired the properties with a $62.25 million loan from CIBC Inc. (Canadian Imperial Bank of Commerce). The escrow was handled by Vicki Etherton of Landmark Title Assurance Agency in Phoenix.

Starlight Investments, a privately-held firm with more than $4 billion in assets under its management, owns 30,000 multi-family units in 350 + projects located in Canada and the U.S. The company also has more than 2 million sq. ft. of commercial buildings in Canada.

Starlight Investments manages the properties in joint ventures with private and institutional investors, True North Apartment REIT, True North Commercial REIT, and the Starlight U.S. Multifamily Core Fund (Evan Kirsch, pres.). With the acquisitions in Phoenix, Starlight Investments now owns 13 apartment projects in Arizona (2), Texas (7), Florida (2) and North Carolina (1). Starlight Investments wants to acquire more multi-family assets in the Valley. The CBRE agents have now completed the sale of a four-property portfolio of apartment communities in Phoenix for Trillium Residential. In February, BREW reported MG Properties Group in San Diego, Calif. paying $36.25 million ($134,259 per unit) to buy the 270-unit Trillium Papago apartments at 4950 E. Van Buren Street. In January, BREW reported a tenant-in-common entity led by TM Equities Inc. in Salt Lake City, Utah paying $42.5 million ($145,548 per unit) to purchase the 292-unit Trillium Cave Creek apartments (now called Aria on Cave Creek) at 20050 N. Cave Creek Road.

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