Combined, the two funds have $840-million in assets under management, and both are publicly traded in Toronto following initial public offerings in 2021
The two funds were set up to capitalize on a rebounding U.S. real estate sector. While Canada’s market has been hot for nearly the entire pandemic, American real estate took some time to turn frothy, both in terms of property values and monthly rent increases.
Starlight’s Canadian funds are not affected, but the real estate sector here is not immune from the industry’s woes. In mid-November, Romspen, one of Canada’s largest private mortgage lenders,to prevent its predominately retail investors from cashing out of its funds. The company has not said how long the freeze will last.
The short-term strategy has worked before. Starlight’s U.S. Multi-Family Core Plus Fund, for instance, sold its portfolio in September, 2021, and investors earned a roughly 28-per-cent return in less than two years.
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