Starlight U.S. Residential Fund announced that, it has acquired Eight at East, a Class "A" institutional quality, multi-family property completed in 2017 and is located in a suburb of Orlando, Florida. The USD 91.75 million purchase price was satisfied with: (i) proceeds from the Fund's initial public offering; and (ii) new first mortgage debt in the amount of approximately USD 64.25 million with an initial term of three years, subject to two one-year extension options, and will be interest only and payable at an annual interest rate of one-month term secured overnight financing rate + 2.60%. Eight at East is located in east Orlando close to significant employment drivers including Central Florida Research Park, University of Central Florida and Lake Nona Medical Center.

The property is comprised of 264 one, two and three-bedroom multi-family residential suites in 20 garden-style two and three storey buildings on a 32-acre site. The suites feature quartz countertops, stainless steel appliances, tile backsplash, and vinyl plank flooring. Amenities include a clubhouse with coffee bar, conference room, a billiards and game room and a 24-hour fitness centre.

Additional amenities include an extensive veranda area overlooking a resort-style pool with cabanas, outdoor fireplace and fire pit, gas grill barbecue areas, dog park, and conservation boardwalk, as well as controlled access entry gates. The Fund has selected The Bainbridge Companies to property manage Eight at East. Bainbridge currently manages over 3,000 units for the manager of the Fund across four markets, including Hudson at East, located directly adjacent to Eight at East.