Some of the 68 properties acquired by Starlight Investments in a Southwestern Ontario portfolio. (Courtesy Starlight Investments)
Starlight Investments is closing out 2021 on a high note, picking up a group of 68 buildings with a total of 1,106 rental units spread across Southwestern Ontario. The company says this deal wraps up its Canadian apartment buying plans for the year.
The collection features low-rise buildings up to four stories tall located in places like Kitchener-Waterloo, Cambridge, Stratford, Woodstock and Guelph. Financial details haven’t been shared by Starlight.
The portfolio consists of 67 apartment buildings plus one townhouse complex with 69 units. Altogether, it covers about 43.57 acres and offers everything from studios 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.”
The Signet Group has been hired to manage these properties.
The portfolio’s features and amenities
Amenities are pretty similar across the board – most places allow pets and many include private balconies or patios. Generally speaking, the buildings have on-site laundry facilities, bike storage, lockers for extra storage, plus surface parking spaces.
A quick rundown from Starlight on each location:
– Leinster Street, Woodstock: This spot includes 14 brick buildings ranging two to three stories tall with 45 one-bedroom units, 120 two-bedroom units and 45 three-bedroom ones – totaling 210 units altogether.
– Borden Street, Stratford: Two three-story buildings with 30 two-bedroom units that all have private balcony or patio areas.
– Borden Street and Essex Street, Stratford: Five four-story brick buildings holding 60 one-bedroom units plus another 15 two-bedrooms – making it a total of 75 units.
– Home Street, Stratford: Seven three-story brick buildings offering sixty one-bedrooms alongside thirty two-bedrooms and fifteen three-bedrooms – adding up to 105 units here.
– Burns Drive, Guelph: This place has five two-story buildings full of townhomes-69 in total-all with three bedrooms each.
– Beck Street, Cambridge: Two three-story structures containing six one-bedroom apartments plus thirty-two two-bedrooms – so there are thirty-eight homes here overall.
– Woolley Street & Elgin Street South, Cambridge: Four three-level buildings containing four bachelor suites along with seventy-two two-bedroom apartments – which equals seventy-six total units.
– Weber Street South And Allen Street East Waterloo: Two separate three-floor structures made up of eleven two-bedroom apartments in one building; ten more twos in the other-for twenty-one homes combined.
– University Avenue West Waterloo: Each of these two identical three-storey blocks holds one single bedroom unit along with eleven double bedrooms; together that makes twenty-four apartments overall.
– Milford Avenue & Barrie Place Waterloo area hosts nine total residences split between seven storeys at threes story height level comprising eighty-two singles; thirty doubles; plus fifteen triples – totals at One Hundred Twenty-Seven Units Available!
> Amos Avenue And Erb street West waterloo location comprises four double-storey plus five triple floor-buildings offering total accommodation levels including seventy-four single beds coupled forty-five tri-beds equals One Hundred Nineteen Apartments altogether!!
> Adelaide St + Belmont Ave west kitchener zone houses merely only Twenty-Two Units situated inside dual tripled-level residences broken down amongst four singles but eighteen doubles respectively!
> Union Boulevard Kitchener Site Features Thirty-Five Residences Found Within Three Floors Which Consist Of Five Singles Accompanying Thirty Doubles In Totality!
> Leacrest Court Situated Also At Kitchener Offers Only Twenty-Five Living Spaces Comprised Of Two Singles Together With Twenty Doubles Within A Single Three-Level Construction Facility!
> Fifth & Sixth Avenues Located In Kitchener Contain Four Separate Buildings All Three Stories Tall Holding Total Ninety-Two Homes Made Up Of Fourteen Studios Alongside Thirty-Six Singles Plus Forty-Two Double-Bedroom Suites!
> Luella street Kitchener Possesses Three Buildings Including One Triple Story Structure Combined With Two Doubles Holding Thirty-Eight Double Bedroom Flats Overall!
A look at what else Starlight’s been doing lately
This past year has been busy for sure-from launching new funds through IPOs, to grabbing multiple deals across markets. Starlight’s U. S Residential Fund kicked off last November&has already assembled over thousand rentals backed by $320 million equity infusion.
Just recently, the Emerson at Buda project, a Texas-based Austin property w/304-units, is set for Dec21 completion. The purchase price? $104M dollars!
They also launched The Western Canada Multi-Family (No.2) Fund aiming between $42M-$100M targeting mainly British Columbia’s multifamily real estate.
Once funded, the plan includes snapping up sixty suites at Langford address (733 Goldstream Ave), plus over two hundred fifty apartments split between Nanaimo locations (6035 Linley Valley Dr.,4800 Uplands Dr.).
On top, this year saw an expansion partnering again w/Bentall Green Oak. They just closed deals involving Burlington’s224-unit complex & Victoria’s newly built luxurious113-suite property!
A bit about Starlight Investments
Toronto-based privately owned real estate firm focused fully on multiresidential/commercial assets employing more than300 staff members.
It manages direct holdings worth over $23 billion alongside investment securities including institutional joint ventures, true north commercial REIT, funds covering US multi-family sectors, northview Canadian high yield fund as well as capital pool funds under ‘Starlight’ brand umbrella.
Currently, it owns roughly70 thousand residential units throughout Canada+U. S. plus around eight million square feet dedicated strictly toward commercial space usage purposes.
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