Starlight Western Canada Multi-Family (No. 2) Fund and Starlight Western Canada Multi-Family Limited Partnership announced on December 17, 2025 the successful closing of their previously announced asset consolidation, which was initially announced on October 30, 2025. The transaction closed following regulatory approval, applicable lender consent, and the December 12, 2025 unitholder vote, where approximately 96% voted in favor. The consolidated entity now comprises 15 properties containing 1,413 multi-family suites across British Columbia, valued at approximately $639.4 million.

The transaction was structured on a net asset value for net asset value basis. Fund 2 continues as the public reporting issuer and holds a majority controlling interest in Fund 1, which remains a private limited partnership. Final ownership proportions, determined through third-party appraisals and relative net asset values, resulted in Fund 2 owning approximately 60.3% of the combined asset pool, while Fund 1 limited partners collectively own 39.7%. Fund 1's former Class A1, A2, A3 and Class B1, B2, B3 limited partnership units were merged and subdivided into single Class A and Class B units.

Blake, Cassels & Graydon LLP served as counsel to Fund 2, while Bloom Lanys LLP represented Fund 1. CIBC World Markets Inc. acted as exclusive financial advisor to the Fund 2 Board, with Blair Franklin Capital Partners Inc. providing independent financial advice and a fairness opinion. Monthly distributions to unitholders are expected to continue.