Starlight U.S. Multi-Family (No. 1) Core Plus Fund announced that it has acquired Southpoint Crossing Apartments ("Southpoint"), a 288-unit, garden-style, multi-family property completed in 1999 and located in Raleigh, North Carolina. Pursuant to the purchase and sale agreement effective March 10, 2020, as amended from time to time, Southpoint Acquisition LLC, an indirect wholly owned subsidiary of the Fund, purchased Southpoint unencumbered for a purchase price of $51.5 million. Southpoint consists of 13, three storey walk-up buildings on a 26.2-acre site comprised of one-bedroom, two-bedroom and three-bedroom suites. Currently, apartment suites feature a kitchen breakfast bar, large pantry closets, private patio or balcony, and walk-in closets in select suites. The bathrooms are outfitted with ceramic tile showers and vinyl flooring in select suites. Indoor amenities include a clubhouse with a 24-hour fitness centre, business centre and package locker. Outdoor amenities include a resort-style pool, poolside lounge, outdoor grilling station with picnic tables, playground, large pet park, gated community, complimentary bike exchange and direct access to a 35-kilometre pedestrian and cycling trail. Approximately 83% of the suites have been upgraded from their original condition. As part of the Fund's business plan, Southpoint will continue to be repositioned to a modern standard with upgraded suite finishes and attractive common areas and amenity spaces. As of April 30, 2020, Southpoint's occupancy was 96.2% and 99.9% of Southpoint's April rent has been collected.

In connection with the acquisition, new financing in the amount of $27.0 million has been secured for a six-month term, comprised of $25.75 million of initial funding and $1.25 million of future funding for capital expenditures. Subject to certain conditions, the financing will be interest-only and will be payable at an annual rate of one-month LIBOR + 2.0%.