Starlight Investments and Blackstone Property Partners have acquired an additional eight buildings and 1,067 apartments for the portfolio held by their year-old joint venture. This is the second major transaction for the partnership and more than doubles its size.
All eight buildings are located in the Greater Toronto Area. Starlight president and CEO Daniel Drimmer is quoted in the release as saying the properties are in Toronto and Mississauga, and “are well-positioned to create further synergies with our existing portfolio.”
Starlight and Blackstone say all eight of the mid-rise and high-rise buildings are concrete construction. In reply to a request by RENX, a spokeswoman for Starlight said the companies are not releasing any further details about the buildings or the transaction.
“Blackstone is excited about acquiring and investing capital into these properties while continuing to provide residents with high-quality management,” said Olivia John, the managing director at Blackstone, in a release Tuesday morning. “We believe in the multi-family fundamentals in Canada’s major cities and are looking forward to doing more in the space.”
Starlight and Blackstone announced their joint venture in June and kicked it off with the purchase of six apartment buildings, five in Toronto and one in Montreal. The original properties contain 746 units, meaning the partners now own 14 buildings comprising 1,813 apartments.
The joint venture is the first foray for global giant Blackstone into the Canadian apartment investment market.
About Blackstone Real Estate Advisors
Blackstone is a global leader in real estate investing. Its real estate business was founded in 1991 and has approximately $136 billion in investor capital under management.
The real estate portfolio includes hotel, office, retail, industrial and residential properties in the U.S., Canada, Europe, Asia and Latin America. It also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.
About Starlight Investments
Starlight Investments is a privately held Toronto-based, full-service, multi-family and commercial real estate investment and asset management company.
The company currently manages more than $9 billion of direct real estate as well as real estate investment securities. Investment vehicles include institutional joint ventures, True North Commercial REIT, Starlight U.S. Multi-Family Funds and Starlight Capital Funds.
Starlight Investment’s portfolio consists of approximately 36,000 multi-residential units across Canada and the U.S. and over 5.9 million square feet of commercial properties.