Starlight U.S. Multi-Family (No. 1) Value-Add Fund, at its the special meeting of fund unit holders held on January 7, 2020 approved the indirect acquisition of the Fund's portfolio of three multi-family properties totaling 1,193 suites located in the southern United States by Clearwater U.S. Multi-Family (No. 2) Holding LP, a Delaware limited partnership formed by the Public Sector Pension Investment Board and Daniel Drimmer, Chief Executive Officer and Director of the general partner of the Fund, in an all-cash transaction valued at approximately USD 239.6 million. The Fund has obtained required consents from its lenders with respect to the Transaction and the Transaction is expected to be completed on or around January 14, 2020, subject to the satisfaction or waiver of certain customary closing conditions.