Greenhaven apartment complex in McKinney has been purchased by the Starlight U.S. Multi-Family Core Fund, it was announced in a news release on July 29. Announcement of plans to purchase was made on July 22.
Greenhaven was built in 2009 and is located at 8690 Virginia Parkway. It has 216 garden-style units and is considered a Grade A complex. It is a successful community with occupancy listed at 97.7% as of June 30.
It is expected that the Pinnacle Family of Companies, a third party, multi-family property manager, will manage the complex. Pinnacle is the fourth largest property management company in the United States and currently manages Bridgemoor at Denton, among other complexes.
Starlight’s website says this about the fund: “The Starlight U.S. Multi-Family Core Fund is a newly created, listed entity, sponsored and asset-managed by Starlight Investments Ltd. It was established to acquire a portfolio of recently constructed, stabilized, Class ‘A’ multi-family real estate properties in Texas and the southeastern U.S.”
The price of the deal for Greenhaven is approximately $23.5 million. The close on the property was made on July 29.
Click here to read the full news release.
Starlight Investments: starlightinvest.com
Pinnacle Family of Companies: pinnaclefamily.com