Starlight US Multi-Family (No. 5) Core Fund has announced its acquisition of The Views at Coolray Field, a 206-unit, Class "A" mid-rise apartment complex that was completed in 2015. It is situated at 755 Braves Avenue in Atlanta, Georgia.
The property was purchased by Coolray Field Acquisition LLC, an indirect wholly owned subsidiary of the Starlight fund, pursuant to an agreement made and entered into on August 18. The Views at Coolray Field consists of one five-story building comprised of studio-type, one-bedroom, and two-bedroom units. Occupancy rate for the property as of Oct. 17 was 92.75%.
Each unit features furnishings such as granite countertops, stainless steel appliances, oversized tubs, upgraded cabinetry, and pendant lighting. Selected units also have dramatic views of Coolray Field, the stadium that houses the Atlanta Braves’ AAA team, the Gwinnett Braves. The property allows for undisrupted views of baseball games from the upper-level skybox and the lower-level dugout. Other amenities include a state-of-the-art fitness centre, Starbucks coffee lounge, Wi-Fi in common areas, and a spacious courtyard lounge with gas grills and a firewall.
Starlight has retained Pinnacle Family of Companies, the third largest third-party, multi-family property manager in the United States to take care of the Coolray Field property. Pinnacle is also managing six other communities on behalf of the Starlight fund.
With the acquisition of The Views at Coolray Field, Starlight fund has interests in and operates 22 properties comprised of more than 6,000 recently constructed, Class A stabilized, income-yielding, multi-family real estate suites. The portfolio is spread over Austin, Dallas, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; Orlando and Tampa, Florida; Atlanta, Georgia; and Las Vegas, Nevada.
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