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Starlight Investments has acquired a Toronto-area portfolio of 11 apartment buildings comprising 391 suites in the city of Cambridge, as it continues to grow its holdings in the rental housing sector.
The Toronto-based investor, real estate developer and manager did not provide financial details. The vendor was a private investor.
The buildings are all three-storey, low-rise properties and are clustered along three streets: seven of the buildings are on Christopher Drive; with two each along Champlain Boulevard and Dudhope Avenue.
“We are pleased to further expand our portfolio in the vibrant community of Cambridge,” Neil Fischler, Starlight’s executive vice-president, asset management, Canadian residential, said in a blog post on the firm’s website. “This acquisition is aligned with Starlight’s commitment to providing safe and attainable rental homes for individuals and families across Canada.”
Both Starlight and a broker involved in the transaction declined to comment when contacted by RENX for additional information.
The Cambridge apartment portfolio
The residences are of an older construction type, and thus offer a range of spacious one-bedroom, two-bedroom and three-bedroom suite layouts with “extensive surface-level parking” according to the blog post.
The location offers access to numerous local services including a licensed home childcare centre, schools, restaurants, grocery stores and a variety of retail shops.
They are also in close proximity to major highways including Highway 401 and are located near public transit routes, providing access to downtown Cambridge and other parts of the Waterloo Region.
The community is to be managed by Signet Group, which is also based in Toronto.
About Starlight Investments
Starlight Investments is a privately held global real estate investment and asset management firm. Its portfolio includes over 70,000 multiresidential suites and over seven million square feet of commercial property space in a range of vehicles and partnerships.
With $30 billion in assets under management, Starlight offers a range of investment vehicles across various real estate strategies.
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