Starlight U.S. Multi-Family (No. 1) Value-Add Fund to be Acquired for Approximately US$239.6 Million and Indirectly Sell 1,193 Class A Institutional Quality Multi-Family Units

November 14, 2019

Starlight U.S. Multi-Family (No. 1) Value-Add Fund (TSX-V: SUVA.A, SUVA.U) (the "Fund") announced that it has entered into an acquisition agreement with Clearwater U.S. Multi-Family (No. 2) Holding LP (the "Purchaser"), pursuant to which the Purchaser will indirectly acquire the Fund's portfolio of three multi-family properties totaling 1,193 units located in the U.S. in a transaction that will provide all-cash consideration to unitholders of the Fund.

The transaction is valued at approximately US$239.6 million and includes gross cash consideration of approximately US$92.1 million payable to the Fund, with the Purchaser also indirectly assuming all of the Fund's existing debt in the amount of approximately US$147.5 million.

Wildeboer Dellelce LLP acts as counsel to the Special Committee of the Fund with a team comprised of Perry Dellelce, Michael Rennie, Joel Fraser and Sarah Wahba.

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