Starlight U.S. Multi-Family (No. 5) Core Fund announces January 2017 distributions and reminds unitholders of February 15, 2017 Tax Election Deadline

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Jan. 16, 2017 /CNW/ - Starlight U.S. Multi-Family (No. 5) Core Fund (TSX.V: STUS.A, STUS.U) (the "Fund") today announced the cash distribution amounts on its outstanding Class A Units, Class C Units, Class D Units, Class E Units, Class F Units, Class H Units and Class U Units (collectively, the "Units") for the period from January 1, 2017 to January 31, 2017. The distribution amounts will be as follows:

i.	C$0.05417 per Class A Unit, representing approximately C$0.65 per Unit on an annualized basis;
ii.	C$0.05417 per Class C Unit, representing approximately C$0.65 per Unit on an annualized basis;
iii.	C$0.05417 per Class D Unit, representing approximately C$0.65 per Unit on an annualized basis;
iv.	US$0.05417 per Class E Unit, representing approximately US$0.65 per Unit on an annualized basis;
v.	C$0.05417 per Class F Unit, representing approximately C$0.65 per Unit on an annualized basis;
vi.	C$0.02917 per Class H Unit, representing approximately C$0.65 per Unit on an annualized basis less a portion of the cost of the derivative instrument purchased by the Fund to provide the holders of Class H Units with some protection against any weakening of the U.S. dollar as compared to the Canadian dollar on termination and liquidation of the Fund (the "Class H Unit Liquidation Hedge"); and
vii.	US$0.05417 per Class U Unit, representing approximately C$0.65 per Unit on an annualized basis.

The manager of the Fund may, at its sole discretion, discontinue the Class H Unit Liquidation Hedge in the event that derivative instruments are not available on an economical basis or the manager determines that the continuation of the Class H Unit Liquidation is no longer in the best interests of holders of Class H Units.

The distributions will be paid on February 15, 2017 to unitholders of record as at January 31, 2017.

Tax Election Deadline – February 15, 2017

Unitholders of the Fund who participated in the plan of arrangement involving, among others, Starlight U.S. Multi-Family Core Fund, Starlight U.S. Multi-Family (No. 2) Core Fund, Starlight U.S. Multi-Family (No. 3) Core Fund and Starlight U.S. Multi-Family (No. 4) Core Fund as well as Campar Capital Corporation are reminded that the deadline for eligible unitholders to make a joint tax election and receive a tax-deferred rollover is February 15, 2017. Elections can be made at https://www.taxelection.ca/Starlight. Additional information is also available at http://www.starlightus.com/us-multi-family/starlight-us-multi-family-no-5-core-fund/.

About Starlight U.S. Multi-Family (No. 5) Core Fund

The Fund is a limited partnership formed under the Limited Partnerships Act (Ontario) for the primary purpose of indirectly acquiring, owning and operating a portfolio of diversified income producing rental properties in the U.S. multi-family real estate market.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Starlight U.S. Multi-Family (No. 5) Core Fund

To learn more about the Fund, visit www.starlightus.com or contact: Evan Kirsh, President, 647-725-0417, [email protected]; Martin Liddell, Chief Financial Officer, 657-729-2588, [email protected]