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Recent Articles

Starlight to sell $760M in US multifamily, wrap up fund

3 years ago

RENX   •   • 

Properties owned by Starlight’s U.S. Multi-Family No. 1 Core Plus Fund (SCPO-V) will be sold for about $760 million, with proceeds to be paid to unitholders and the fund delisted. Sherrin U.S. Multi-Family No. 1 Holding LP is the buyer.

RENX   •   • 

The diversity of LaSalle Investment Management Canada’s very active LaSalle Canada Property Fund (LCPF) has been shown again with this week’s acquisitions of interests in three major properties from Ivanhoé Cambridge.

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Salaberry-de-Valleyfield, a city in Southwest Quebec, is quickly become a darling of industrial real estate developers. Divco and Broccolini, among the largest Montreal developers, have each bought over one million square feet of land in recent months.

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Aoyuan International announced it is launching a new double-towered residential project in Toronto’s North York community. Prices will start in the $500,000s for M2M Squared, the latest project in the developer’s M2M Phase II master-planned development on Yonge Street.

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Eglinton Hoyle Realty Inc. has proposed a 22-storey residential building with 128 units at 537 Eglinton Ave. E. in Midtown Toronto, a short walk from the coming Leaside Crosstown LRT station. The proposed building would be designed by RAW Design.

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On the southwest corner of Yonge and Bloor in Toronto, Mizrahi Developments‘ The One has been under construction since 2017. Work is now heating up for the landmark, which is currently preparing for a 10,700-square-foot concrete pour on its fifth level.

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Yorkton Equity Group Inc. (YEG-X) announced the unconditional pending sale of the 193-unit Yorkton 108 development project located in Surrey. A non-refundable deposit in the amount of $1,500,000 has been released to the Yorkton 108 Limited Partnership as the vendor.

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Green construction technology company Nexii Building Solutions Inc. has reached unicorn status in less than 31 months, making it the fastest Canadian company to attain this distinction. Nexii products allow the rapid development of sustainable buildings across North America.

Fengate Properties

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Teranet Inc., Canada’s leader in the delivery and transformation of statutory registry services and platform modernization, announces the pilot of SureFund, an online platform designed to usher in a new era of secure and contactless real estate funds transfer.

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Tribe Property Technologies  (TRBE-X) has launched its Digital Partnership Program, offering a range of carefully curated, value-add services through its digital tools, helping to simplify residential community living.

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Discount retailer Dollarama Inc. (DOL-T) says a ban on selling nonessential products in Ontario this spring drove sales down in its second quarter, dampening the usual peak time for purchases of gardening supplies and other seasonal merchandise.

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Growing fuel consumption, higher gas prices and the acquisition of the Longo’s grocery chain drove an increase in first-quarter revenue for Sobeys parent Empire Company Ltd. (EMP-A-T) even as grocery sales are falling from the height of pandemic-related shopping.

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Great Canadian Gaming Corporation (GC-T) today announced it has received all regulatory approvals under which it will be acquired by Apollo Global Management Inc. at a price of $45 in cash per share. The takeover was previously announced.

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Victoria-based private REIT RISE Properties Trust has acquired TownCenter Park, a 111-unit, 1990-built, garden-style multihousing community in Wilsonville, Ore., for $30 million US. JLL Capital Markets marketed the property on behalf of the seller, Curtis Capital Group.

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Morgan Stanley has raised $3.1 billion for a new fund dedicated to global real estate bets, eclipsing the $2.7 billion it raised for a predecessor vehicle in 2018. North Haven Real Estate Fund X Global garnered backing from investors including sovereign wealth funds.

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The Terrorism Risk Insurance Act has provided the commercial real estate industry with a crucial backstop against losses suffered from external threats in the nearly two decades since its enactment following the terrorist attacks of Sept. 11, 2001.

Canadian Apartment Investment Conference

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Layla Yang, one of Vancouver’s top realtors, says five clients have asked her to put their high-end homes up for sale because they fear whichever party wins the federal election on Sept. 20 will ban foreign house purchases.

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The average Canadian homeowner owes $393,887 in total debt, according to a study by credit and financial services company Borrowell. That’s about 19.5 times the amount non-homeowners owe though real estate-owners tend to have an easier time with rising costs of living.

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A new Morguard report says the strong U.S. economic recovery is fuelling a sharp increase in its multi-unit residential rental market. In Canada, demand for rental housing will pick up while new supply remains somewhat suppressed, leading to high rents.

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As the price of housing continues to hit new highs in the Greater Toronto Area, builders of new townhouse developments are finding buyers are demanding finishes that match the price tag such as 10-foot ceilings, custom bathrooms and stone counters.

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