Mr. Daniel Drimmer reports

STARLIGHT U.S. RESIDENTIAL (MULTI-FAMILY) INVESTMENT LP PROVIDES UPDATE ON VENTURA APARTMENTS PROPERTY

Starlight U.S. Residential (Multi-Family) Investment LP has previously disclosed that SURF LP's Ventura Apartments property received a maturity default notice from the lender of the loan secured by Ventura, which was subsequently assigned to a new lender. The notice expressed the lender has the right to exercise the remedies available to it under the loan agreement, including foreclosure of the property. SURF LP received notice today that the lender's foreclosure proceedings have been completed, resulting in the transfer of ownership of Ventura to a third party through a public auction. Prior to the transfer, Ventura was valued by SURF LP at less than the outstanding balance of the associated loan. The transfer resulted in no net proceeds to SURF LP and had no impact on SURF LP's net asset value.

About Starlight U.S. Residential Fund (Multi-Family) Investment LP

SURF LP is a closed-end limited partnership formed under and governed by the laws of the Province of Ontario, pursuant to an amended and restated limited partnership agreement. SURF LP was established for the primary purpose of directly or indirectly acquiring, owning and operating a portfolio primarily composed of income-producing residential properties in SURF LP's target metrics or that can achieve significant increases in rental rates as a result of undertaking high-return, value-add capital expenditures and active asset management. Subsequent to the transfer described above, SURF LP has interests in and operates a portfolio comprising interests in 757 Class A stabilized, income-producing multifamily residential suites located in Tampa, Fla., and Raleigh, N.C.

We seek Safe Harbor.