Starlight U.S. Residential Fund announced that it has entered into an agreement to acquire Eight at East, a 264-suite Class "A" institutional quality multi-family property completed in 2017 and located in the East Orange County submarket of Orlando, Florida. Pursuant to a purchase and sale agreement dated March 10, 2022, Eight at East Acquisition LLC, a wholly owned subsidiary of the Fund, has agreed to purchase Eight unencumbered for approximately USD 91.75 million. The Agreement contains customary representations and warranties for a transaction of this nature and, subject to the satisfaction or waiver of conditions precedent, is scheduled to close on or about April 22, 2022.

The Fund has waived its due diligence conditions from the Agreement. In connection with the acquisition of Eight, new financing in the amount of approximately USD 64.2 million has been secured for an initial term of three years subject to two one-year extension options. Subject to certain conditions, the financing will be interest only and payable at an annual interest rate of one month SOFR + 2.60%, subject to an all-in interest rate floor of 2.70%.

The Fund continues to evaluate acquisition opportunities and proceeds from this financing will provide liquidity to acquire additional multi-family or single-family properties. Eight at East: Eight consists of 22 garden-style buildings on a 32-acre site comprised of one, two and three-bedroom suites. Currently, suites feature 9' - 12' ceilings, wood vinyl plank flooring, custom cabinets, quartz countertops, stainless steel appliances, USB ports, walk-in shower, garden tub, full-size washer and dryer, and upgraded nickel hardware, plumbing and lighting fixtures.

Amenities include a clubhouse with coffee bar, conference room, a billiards and game room and a 24-hour fitness center. 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, conservation boardwalk, as well as controlled access entry gates.