Toronto-based Starlight Investments Ltd. partnered with Canada's Public Sector Pension Investment Board and Alberta Investment Management Corp. to buy US$1.3 billion of class A multifamily properties in select markets across the U.S.
The partnership will target recently built garden-style multifamily communities in the suburban markets of Atlanta; Denver; Phoenix; Austin and Dallas in Texas; and Orlando and Tampa in Florida.
The venture's first acquisition was the newly constructed 465-unit, 20-building Parkhouse Apartment Homes multifamily community in Denver.