Starlight U.S. Residential Fund announced that it has entered into an agreement to acquire a 90% interest in The Ventura, a 272-suite Class "A" institutional quality multi-family property completed in 1995 and located in the Chandler submarket of Phoenix, Arizona. The remaining 10% interest in the property will be indirectly acquired by Daniel Drimmer, a Director and the Chief Executive Officer of Starlight U.S. Residential Fund GP Inc., the Fund's general partner, and the principal of the Fund's manager, Starlight Investments US AM Group LP. All decision making in respect of The Ventura, including day-to-day and material decisions, will be proportionately made by Mr. Drimmer and the Fund through established governance practices.

Pursuant to a purchase and sale agreement dated March 18, 2022, the Fund indirectly expects to jointly purchase The Ventura unencumbered for approximately $130.7 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 May 11, 2022. The Fund has waived its due diligence conditions from the Agreement.

In connection with the acquisition of The Ventura, new financing in the amount of approximately $94.5 million has been secured for an initial term of two years subject to two one-year extension options, comprised of approximately $91.5 million of initial funding and $3.0 million available for future capital expenditures. Subject to certain conditions, the financing will be interest only and payable at an annual interest rate of one-month SOFR + 3.15%, subject to an all-in interest rate floor of 3.45%. Also, in connection with the acquisition of The Ventura, the Fund intends to refinance Bainbridge Sunlake, the proceeds of which together with cash on hand will be utilized to complete the Acquisition.