Starlight Adds $80M Arizona Community to Portfolio

The investment firm's U.S. multifamily vehicle acquired the 282-unit luxury property in the city of Scottsdale from Sunridge Apartments, adding to its network of recently completed assets in Southern metro areas.
The Core Scottsdale. Rendering courtesy of Starlight U.S. Multi-Family

Starlight U.S. Multi-Family has picked up The Core Scottsdale, a recently completed, 282-unit luxury community in the Scottsdale, Ariz. The multifamily investment fund acquired the property from Sunridge Apartments for $80.4 million, according to Yardi Matrix data.

Completed in 2017, The Core Scottsdale is located at 15333 North Hayden Road in the affluent city east of Phoenix. The property, currently almost 85 percent occupied, consists of studio, one- and two-story units, with a range of outdoor and indoor amenities including a rooftop pool with spa, private cabanas, theater room and fitness center. 

Starlight has retained Mark-Taylor Companies as property manager. Mark-Taylor also manages Avant at Fashion Center, a 335-unit community in Chandler, Ariz., that Starlight acquired in February 2018.

The deal marks the second Phoenix-area acquisition for Starlight U.S. Multi-Family’s U.S. Institutional Partnership, as well as the partnership’s fourth acquisition of 2019. Launched in 2015, Starlight’s institutional platform targets high-growth markets in the southern U.S.

In 2017, Starlight Investments teamed up with two undisclosed institutional investors to buy $1.3 billion worth of new, suburban Class A multifamily properties in the U.S., targeting markets including Phoenix as well as Atlanta, Austin, Dallas, Denver, and Orlando and Tampa, Fla.

Starlight U.S. Multi-Family, a vehicle of Canada’s Starlight Investments, has more than $3.5 billion in assets under management, with a portfolio of about 13,000 multifamily units across the U.S. The vehicle recently purchased Westside Heights, a 283-unit community in Atlanta, from The Worthing Companies. Walker & Dunlop structured a $47 million loan for the deal.