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Realstar has chosen former Oxford Properties executive vice-president Randy Hoffman to be its next CEO to lead the growth of its multifamily investment platform.
Toronto-based Realstar is an investor and operator with a focus on multi-unit residential rental, hospitality and alternative real estate assets in Canada and the United Kingdom. Hoffman will also be charged with seeking new development opportunities and exploring additional living sectors.
“It’s an honour to join Realstar at such a pivotal moment,” Hoffman said in the announcement. “I am excited to work with such a talented team to drive innovation, expand our platform, and unlock new opportunities in the residential sector.”
Hoffman's appointment is effective May 5.
He served almost 20 years at Toronto-based Oxford, climbing the executive ranks from investment analyst to become the head of its U.S. business. In that position, he led a team of 200 professionals and oversaw investments, asset management, operations and development across all major asset classes in North America.
Hoffman’s capacity for “innovative thinking”, leadership and managing complex, large-scale transactions are among the reasons he was selected to lead Realstar’s next phase of growth, the release states.
Realstar’s founders and co-chairmen Jonas Prince and Wayne Squibb will remain engaged with the company. The leadership transition is the culmination of a multi-year succession plan for Realstar.
“Randy’s appointment marks a new era for Realstar,” Prince and Squibb jointly stated in the announcement. “His energy, expertise and entrepreneurial mindset are exactly what we sought to build on our legacy and accelerate our growth.”
About Realstar
A business with its history reaching back more than 50 years, Realstar is a private, vertically integrated company with over $9 billion in assets under management according to its website.
The company is the owner and operator of over 25,000 rental housing units across Canada, with properties currently listed in Nova Scotia, Quebec, Ontario, Saskatchewan, Alberta and British Columbia.
Among the better-known properties in its portfolio is The Taunton apartments in Oakville, Ont., acquired in 2020 for $164 million from its builder Branthaven Homes.
Realstar has also held significant interests in the hospitality sector. It has been involved with brands such as Days Inn, Holiday Inn, Novotel, Sheraton and Delta Hotels.
The company’s U.K. operation has both transacted and developed billions of dollars worth of assets. These have included thousands of rental and student housing units, dozens of Holiday Inn hotels which at one time comprised 13,000 rooms, and a portfolio of primary healthcare centres.
The Holiday Inn properties were sold off during 2014 and 2015.
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