Starlight Investments has continued the rapid expansion of its British Columbia apartment portfolio with the acquisition of five additional buildings containing 465 units in Metro Vancouver.
This brings its total to 964 units acquired in 14 buildings in Metro Vancouver and the Victoria area during the past month. The company has also acquired assets in Toronto and Southwestern Ontario during the past few weeks.
“We are very excited to be expanding our presence in the strong Vancouver rental market with a once-in-a-generation portfolio,” said Daniel Drimmer, Starlight’s president and chief executive officer, in the announcement Tuesday.
Three of the acquired buildings are near downtown Vancouver and two are in West Vancouver. Financial details have not been disclosed.
“These high-quality additions to our downtown Vancouver portfolio are an excellent fit with our existing core portfolio in Vancouver’s West End and will allow us to leverage our regional infrastructure.”
Starlight’s Vancouver acquisitions
The three Vancouver buildings are just a few blocks apart in the West End neighbourhood between the downtown core and Stanley Park. All have nearby public transit access and are a short distance from the downtown with its retail shops, hospitality and entertainment offerings.
The two concrete high-rise apartments in West Vancouver are both waterfront properties, just a few hundred metres apart, with ocean views and direct access to West Vancouver’s Centennial Seawalk.
The properties are:
– 2190 Bellevue Ave., West Vancouver: Shoreland Apartments is an 11-storey concrete high-rise comprised of 16 bachelor, 28 one-bedroom, 11 two-bedroom and seven three-bedroom units (62 apartments). Amenities include a heated outdoor pool and fitness centre, stainless steel appliances and private balconies or patios. The property includes storage lockers, on-site laundry and surface and underground parking.
– 2222 Bellevue Ave., West Vancouver – This iconic 11-storey high-rise, known locally as the “Pink Palace” contains 25 bachelor, 11 one-bedroom, 42 two-bedroom and 22 three-bedroom units (100 apartments). Amenities include heated indoor and outdoor pools, a fitness centre, sauna and shared multi-purpose event spaces. The units offer stainless steel appliances and private balconies or patios. The property includes storage lockers, shared bike racks, on-site laundry and surface and underground parking.
– 945 Jervis St., Vancouver – The 15-storey concrete high-rise offers 49 bachelor, 52 one-bedroom and eight two-bedrooms (109 units). They’re equipped with stainless steel appliances and private balconies or patios. The site includes a heated indoor pool, sauna and fitness centre, storage lockers, on-site laundry and surface and underground parking.
– 1348 Barclay St., Vancouver – The 19-storey concrete high-rise is comprised of 27 bachelor, 85 one-bedroom and 31 two-bedroom units (143 apartments). On-site amenities include a heated outdoor pool and sauna and the units offer stainless steel appliances and private balconies or patios. The property includes storage lockers, on-site laundry, and surface and underground parking.
– 1454 Pendrell St., Vancouver – The nine-storey concrete mid-rise offers 34 bachelor and 17 one-bedroom units which are equipped with stainless steel appliances and private balconies or patios. A fitness centre, storage lockers, laundry and surface and underground parking are all on-site.
All of the properties will be managed by Metcap Living.
The two West Vancouver buildings had been the subject of a redevelopment proposal during the past couple of years. However, that project was yet to get off the ground. The buildings, both constructed in the 1960s, had been owned for many years by the Lachman family.
Starlight’s other recent additions
Starlight’s other recent acquisitions total about 900 units, including a 14-unit building in Vancouver.
It acquired eight buildings comprised of 485 apartments in Victoria, including two LEED platinum properties at 3185 Tillicum Rd. and 275 Burnside Rd., which contain a total of 104 units.
In Ontario, Starlight added seven buildings and 375 apartments in the Kitchener-Waterloo area, and two adjacent buildings along St. Clair Avenue East in Toronto in an area where it already owns a cluster of other properties.
Starlight Investments is a privately held Toronto-based, full service, multifamily and commercial real estate investment and asset management company.
It manages over $20 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, the Northview Canadian High Yield Fund and Starlight Capital Funds.
Starlight Investment’s portfolio consists of approximately 70,000 multiresidential units across Canada and the U.S. and over eight million square feet of commercial properties.