Starlight buys 68-building SW Ontario apartment portfolio

IMAGE: Some of the 68 properties acquired by Starlight Investments in a Southwestern Ontario portfolio. (Courtesy Starlight Investments)

Some of the 68 properties acquired by Starlight Investments in a Southwestern Ontario portfolio. (Courtesy Starlight Investments)

Starlight Investments is ending 2021 with a bang, acquiring a portfolio of 68 assets comprising 1,106 rental units across Southwestern Ontario. Starlight says this transaction completes its 2021 Canadian multiresidential acquisition plans.

The portfolio is comprised of low-rise properties of up to four storeys in the Kitchener-Waterloo, Cambridge, Stratford, Woodstock and Guelph areas. Starlight did not release financial details.

It includes 67 apartment buildings and one townhome complex, which offers 69 units. They encompass 43.57 acres of property, and include units from bachelors to three-bedroom apartments.

“Pursuant to our strategy of acquiring value-add properties and investing in them to increase their long-term value, this robust portfolio is a strong addition of our expanding multi-family residential platform,” said Daniel Drimmer, Starlight’s president and chief executive officer, in the announcement Friday morning.

“This well-maintained portfolio is located close to several of our existing properties, providing extensive operational efficiencies and management synergies.

“We continue to review and assess our portfolio, identifying opportunities to drive value for both our residents and investors.”

Signet Group has been contracted to manage the portfolio.

The portfolio, and amenities

Amenities across the portfolio are fairly consistent, with most being pet-friendly and many also including private balcony or patio space. The properties also generally include on-site laundry, bicycle storage, storage lockers and surface parking,

Starlight offered a synopsis of the properties:

– Leinster Street, Woodstock: This property includes 14 two- and three-storey brick buildings comprised of 45 one-bedroom units, 120 two-bedroom units and 45 three-bedroom units for a total of 210 units.

– Borden Street, Stratford: Two three-storey buildings comprised of 30 two-bedroom units which include private balcony or patio space.

– Borden Street and Essex Street, Stratford: Five four-storey brick buildings comprised of 60 one-bedroom units and 15 two-bedroom units for a total of 75 units.

– Home Street, Stratford: Seven three-storey brick buildings comprised of 60 one-bedroom units, 30 two-bedroom units and 15 three-bedroom units for a total of 105 units.

– Burns Drive, Guelph: This property includes five two-storey buildings containing 69 three-bedroom townhomes.

– Beck Street, Cambridge: Two three-storey buildings comprised of six one-bedroom units and 32 two-bedroom units for a total of 38 units.

– Woolley Street and Elgin Street South, Cambridge: This property includes four three-storey buildings comprised of four bachelor units and 72 two-bedroom units for a total of 76 units.

– Weber Street South And Allen Street East, Waterloo: Two three-storey buildings comprised of 11 two-bedroom units and 10 two-bedroom units for a total of 21 units.

– University Avenue West, Waterloo: The two three-storey buildings are comprised of one one-bedroom unit and 11 two-bedroom units in each building, for a total of 24 units.

– Milford Avenue and Barrie Place, Waterloo: This property includes two two-storey buildings and seven three-storey buildings containing 82 one-bedroom units, 30 two-bedroom units and 15 three-bedroom units for a total of 127 units.

– Amos Avenue and Erb Street West, Waterloo: This property includes four two-storey buildings and five three-storey buildings comprised of 74 one-bedroom units and 45 three-bedroom units for a total of 119 units.

– Adelaide Street and Belmont Avenue West, Kitchener: This property includes two three-storey buildings comprised of four one-bedroom units and 18 two-bedrooms for a total of 22 units.

– Union Boulevard, Kitchener: This three-storey building is comprised of five one-bedroom units and 30 two-bedroom units for a total of 35 units.

– Leacrest Court, Kitchener: This three-storey building is comprised of two one-bedroom units and 23 two-bedroom units for a total of 25 units.

– Fifth Avenue and Sixth Avenue, Kitchener: This property includes four three-storey buildings comprised of 14 bachelor units, 36 one-bedroom units and 42 two-bedroom units for a total of 92 units.

– Luella Street, Kitchener: This property includes one three-storey building and two two-storey buildings comprised of 38 two-bedroom units.

Starlight’s other recent activities

2021 has been a very active year for Starlight and its funds and ventures.

In the past couple of weeks, it has completed the IPO for one new fund, made several acquisitions and announced the IPO of a second fund.

Starlight’s U.S. Residential Fund acquired its first properties in November and has already built a portfolio of over 1,100 rentals. The fund was created with about $320 million in equity.

Its most recent acquisition, the Emerson at Buda apartments in Austin, Texas, is slated to close on Dec. 21. Starlight is paying $104 million for the 304-unit asset.

The preliminary prospectus for The Western Canada Multi-Family (No. 2) Fund is targeting between $42 million and $100 million in equity to focus on B.C. multiresidential assets.

Following completion of the offering, the fund intends to acquire 60 multiresidential suites at 733 Goldstream Ave. in Langford; and 251 apartments at 6035 Linley Valley Dr. and 4800 Uplands Dr. in Nanaimo.

Starlight also expanded its joint investments with BentallGreenOak. The partnership’s most recent deals include a 224-unit apartment complex in Burlington, Ont., and a newly constructed 113-suite luxury residential property in Victoria.

About Starlight Investments

Toronto-based Starlight Investments is a privately held, full-service, multiresidential and commercial real estate investment and asset management company. It currently employs a staff of over 300.

Starlight manages over $23 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.






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