Starlight Investments has announced the acquisition of two major apartment portfolios over the past several days, totalling 1,529 housing units in the Greater Toronto, Southern Ontario and Montreal areas.
The first includes what Starlight calls a “heavily amenitized” portfolio comprising a total of 935 suites in London, Guelph, Toronto, Richmond Hill and Montréal.
The second involves a portfolio of five residences in the Greater Toronto Area (GTA) regions of York Mills, Scarborough and the City of Mississauga. The properties total 594 suites.
Financial details for the transactions were not disclosed.
“We are proud to complete the acquisition of these premier rental communities across Ontario and Quebec,” Neil Fischler, senior vice-president, Canadian residential at Starlight Investments, said in the announcement of the larger portfolio acquisition. “Representing some of the strongest markets in Canada, this acquisition signifies our commitment to diversifying our portfolio.
"We are excited to add these residences to our professionally managed residential platform.”
The Toronto, Ontario, Montréal acquisitions
The Toronto, Ontario and Montréal acquisition involves a total of 14 buildings, ranging from low-rise constriction to 10 storeys, at the five properties. They include:
- Guelph: One 10-storey and one nine-storey residence, comprised of 185 suites, including bachelor, one-bedroom and two-bedroom layouts. The units include kitchen appliances as well as dishwashers, and the property features on-site laundry facilities, surface-level parking and private storage lockers. Other amenities include a fitness facility and dog park. Signet Group will be the property manager.
- Richmond Hill: The property contains three four-storey residences with a total of 95 suites including bachelor, one-bedroom and two-bedroom layouts. The community features on-site laundry, surface-level parking, private storage lockers, and fully furnished kitchens including dishwashers. Sterling Karamer Property Management will manage the property.
- London: This site includes three nine-storey and three three-storey residences, comprised of 385 suites including bachelor, one-bedroom, two-bedroom and three-bedroom layouts and a commercial retail unit. The complex features on-site laundry, surface-level and underground parking, storage lockers, and fully furnished kitchens. Sterling Karamar will also oversee this site.
- Toronto: This six-storey residence includes 52 suites in bachelor, one-bedroom and two-bedroom layouts. The community features surface-level and underground parking, and fully furnished kitchens. Greenwin will be the property manager.
- Montréal: One seven-storey and one fourteen-storey residence comprise this property, containing a total of 218 suites including bachelor, one-bedroom, two-bedroom and three-bedroom layouts and two retail units. It features an on-site fitness facility, private storage lockers, surface-level and underground parking, and fully furnished kitchens. The 14-storey residence’s amenities include an outdoor terrace and on-site convenience store. The property will be managed by Metcap Living.
A "robust" GTA portfolio
The second portfolio concentrates on the GTA, in what Starlight calls “thriving cities and neighbourhoods”.
“This is a robust portfolio and will be a welcome addition to our already strong residential platform in the GTA. We are invested heavily in the growth and success of Toronto, Scarborough and Mississauga and are focused on providing residents and communities with quality rental offerings,” David Chalmers, president, residential at Starlight Investments, said in a separate announcement.
These three properties comprise a total of five buildings.
- York Mills: This seven-storey building is comprised of 17 one-bedroom, 41 two-bedroom and 18 three-bedroom apartments, totalling 76 units. All have fully furnished kitchens, while the building includes on-site laundry facilities, and both surface-level and underground parking. This residence is to be managed by Greenwin.
- Scarborough: This 13-storey high-rise is comprised of two studio, 61 one-bedroom, 112 two-bedroom and 11 three-bedroom suites, totalling 186 suites. The building offers on-site laundry and fitness facilities, as well as private storage lockers, and the units have fully furnished kitchens. Signet Group will manage the site.
- Mississauga: These three buildings comprise a 12-storey high-rise totalling 142 suites, a 10-storey high-rise totalling 93 suites, and a seven-storey mid-rise totalling 97 suites. All three have furnished kitchens, along with on-site laundry facilities and private storage lockers. The first residence, to be managed by Greenwin, offers private bicycle parking and storage, while the second and third feature a shared outdoor swimming pool and will be managed by Kipling Group.
About Starlight Investments
Starlight Investments is a global real estate investment and asset management firm based in Toronto.
A privately held owner, developer and asset manager of over 77,000 multiresidential suites and over nine million square feet of commercial property space, it offers a range of investment vehicles across various real estate strategies.