PSP and AIMCo-Backed Platform Acquires Parkhouse Apartment Homes in Colorado
Posted on 10/10/2017
PSP Investments and the Alberta Investment Management Corporation (AIMCo) signed a deal with Toronto-based Starlight Investments on an investment partnership platform targeting Class A real estate in the United States. The platform will target US$ 1.3 billion of Class “A”, recently constructed, garden style multi-family communities located in the suburban markets of Atlanta, Georgia; Austin and Dallas, Texas; Denver, Colorado; Orlando and Tampa, Florida; and Phoenix, Arizona. According to the press release, “The partnership plans to hone in on submarkets that demonstrate superior rental income growth potential due to positive multi-family dynamics including compelling population, economic and employment growth.”
On October 10, 2017, the partnership made its first purchase, acquiring a 465-unit, Class “A”, garden style, multi-family property constructed in 2017, and located in Thornton, Colorado (a suburb of Denver), called Parkhouse Apartment Homes. The sales price of the 465-unit complex was US$ 121.6 million.