Starlight Investments had an active first quarter across Canada with the acquisition of over 1,000 rental units in Ontario, opening two apartment buildings in British Columbia and closing its fourth Growth Fund to fuel more acquisitions.

From January to March, the Toronto-based real estate investment and asset management firm announced transactions for three properties in eastern Toronto, another four in the Toronto area and one community in Barrie. Altogether, it acquired 1,085 units. The cost of the acquisitions was not disclosed by Starlight, nor the companies they were purchased from.

In March, it unveiled the completion and opening of the first two buildings of four proposed apartment properties at the The District, a new master-planned community in Langford, B.C. The residences – The Gallery and The Exchange – have a combined 256 units.

The closing of the fourth Growth Fund underscores Starlight’s continuing interest in adding properties to its portfolio. Starlight said it plans to acquire over 10,000 suites in major Canadian cities.

Closing the fund “reflects continued confidence in Starlight’s global experience, proven track record and performance in Canadian multifamily,” Raj Mehta, president of global markets at Starlight, said in a release, “as well as the long‑term fundamentals supporting rental housing across the country.”

Starlight declined requests from RENX to provide additional information about the transactions or the fund.

Starlight’s rental acquisitions in Q1

Starlight kicked off the year by acquiring three properties in January, 80 and 25 Cosburn Ave. in East York, and 30 Carabob Ct. in Scarborough.

The apartment buildings have a total of 408 suites, with one- and two-bedroom units in all the buildings and three-bedroom layouts in two of the properties.

A month later, Starlight announced the purchase of a portfolio of four Toronto-area rental buildings comprising 481 suites. Those are: 30 Esterbrooke Ave. in North York, 30 High Street E. in Mississauga, and 60 and 70 Esther Lorrie Dr. in Etobicoke.

The four buildings have a mix of one- and two-bedroom suites, with three-bedroom offerings in two of the properties.

Starlight’s acquisition in March was for the Deanwood Rental Apartments in Barrie, a building that was finished this year. The nine-storey building has 196 suites from one-bedroom to three-bedroom-plus-den options.

Starlight noted its access to nearby retail, dining, essential services and recreational options, and its close proximity to the Barrie South GO Station and Highway 400.

Opening The District, closing a flagship fund

The Gallery and The Exchange in Langford have a combined 256 units, with an additional 341 to be delivered once the remaining two buildings of The District are finished, which is expected later this year. The buildings remaining to be opened are named The Foundry and The Hub.

At The District, studio, one‑, and two-bedroom layouts are on offer.

Residents are to have access to amenities including fitness and wellness spaces, coworking areas, indoor and outdoor social lounges, and elevated rooftop terraces when The District is fully complete. With easy access to nearby walking trails and Florence Lake, The District will appeal to outdoors-oriented residents.

Commercial options such as Belmont Market and Westshore Town Centre are close by, as are Victoria International Airport and the Swartz Bay ferry terminal.

“As demand for attainable, long-term rental homes continues to grow, we are proud to be introducing thoughtfully designed suites and community-focused amenities in the heart of Langford,” David Woo, vice-president of development for Western Canada at Starlight, said in the announcement.

To maintain its streak of acquisitions, Starlight closed its fourth Growth Fund in March. A fund focused on Canadian multifamily real estate, the company said it raised financing from institutional investors for the acquisition of thousands of rental suites in Canada’s major housing markets.

Starlight’s multifamily portfolio currently consists of 54,000 suites in five provinces.