A few of the 68 properties Starlight Investments picked up in their Southwestern Ontario portfolio. (Courtesy Starlight Investments)
Starlight Investments is closing out 2021 with a big move, buying a package of 68 buildings that hold 1,106 rental units across Southwestern Ontario. According to them, this deal wraps up their Canadian multi-residential purchases for the year.
The group mainly consists of low-rise buildings no taller than four stories, located around Kitchener-Waterloo, Cambridge, Stratford, Woodstock and Guelph. They haven’t shared any details about the price though.
The collection has 67 apartment buildings plus one townhouse complex made up of 69 units. The entire area covers about 43.57 acres and includes everything from studio apartments to three-bedroom places.
“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 will handle managing these properties.
A look at the portfolio and its perks
The amenities across these sites are pretty similar; most allow pets and many come with private balconies or patios. Generally speaking, they also offer on-site laundry facilities, bike storage areas, storage lockers as well as surface parking lots.
Here’s a quick overview from Starlight:
– Leinster Street in Woodstock: This site has 14 brick buildings between two and three stories tall with a total of 210 units-45 one-bedrooms, 120 two-bedrooms and 45 three-bedrooms.
– Borden Street in Stratford: Two three-story buildings with thirty two-bedroom units that all have either balconies or patios.
– Borden Street & Essex Street in Stratford: Five brick buildings standing four floors high containing 60 one-bedroom units plus another fifteen two-bedroom ones-for a total of seventy-five units altogether.
– Home Street in Stratford: Seven brick buildings each with three stories housing sixty one-bedroom units along with thirty two-bedroom ones plus fifteen three-bedrooms; all adding up to one hundred five units total.
– Burns Drive in Guelph: Comprises five two-story buildings made up entirely by sixty-nine townhomes featuring three bedrooms each.
– Beck Street in Cambridge: Two three-floor buildings holding six one-bedroom apartments plus thirty-two two-bedroom spaces totaling thirty-eight units overall.
– Woolley Street & Elgin Street South in Cambridge: Four three-story structures including four bachelor pads alongside seventy-two two-bedrooms making seventy-six homes altogether there.
– Weber Street South & Allen Street East in Waterloo: Two buildings at three stories tall offering eleven plus ten two-bedroom flats amounting twenty-one residences combined here as well.
– University Avenue West in Waterloo: Two separate blocks both with three floors hosting one single bedroom unit together with eleven double bedrooms per building -twenty-four places total across both sites there too!
– Milford Avenue & Barrie Place within Waterloo limits possess nine structures split between seven threesories coupled by just twos storey duo-housing eighty-two singles beds while providing thirty doubles alongside fifteen triples summing an aggregate count reaching127 flats residing therein.
– Amos Avenue beside Erb street west found among Waterloo landscape comprises four duos sticking tight next five trio constructs collectively giving life unto seventy-four singles merged along forty-five triplex bedrooms counting onto final tally leveling119 multiresidence offerings right there.
– Adelaide street conjoined toward Belmont avenue west forming part kitchener collective includes duo threesory blocks possessing four sole beds amplified into eighteen pairs resulting sum equal twenty-two dwellings found within bounds defined.
– Union Boulevard stretch crowning kitchener map features singular threestoried edifice accommodating five solo living rooms partnered by thirty twin sleeping quarters aggregating into thirty-five lodgings counted.
– Leacrest Court resting inside kitchener builds presents lone threestoried block containing couple solitary abodes enriched through twenty-three couples totalling altogether twenty-five flats suitable enough.
– Fifth avenue mingled sixth avenue defines portion kitchener makes comprising quartet threestoried edifices stacking fourteen bachelor studios accompanied by thirty-six individual rooms united alongside forty-two dual spots culminating ninety-two living quarters assigned appropriately.
– Luella street marks territory on kitchener grid nesting triad ensembles where we witness single threestoried construction entwined carefully paired duos boasting accumulation equaling thrity-eight duplex arrangements hosted comfortably inside premises described earlier.
A bit more on what Starlight’s been doing lately
This year’s been quite busy for Starlight along with its funds plus partnerships alike actually!
Lately they finished an IPO launch for a fresh fund besides making several property buys while revealing plans about another upcoming IPO-fund rollout soon after too!
Their U. S. Residential Fund kicked off property acquisitions last November already assembling over1100 rental suites since then funded initially via $320 million equity base originally raised before those investments began happening actively onward forward!
The newest buy comes just days away from closing on December twenty-first called Emerson at Buda Apartments situated right there Austin Texas priced at $104 million carrying some304 rental homes offered under ownership transition plan due shortly henceforth!
A preliminary prospectus published for Western Canada Multi-Family (No.2) Fund aims somewhere between $42 million heading upwards toward $100 million intended equity injection concentrating chiefly on British Columbia’s multifamily housing sector growth plans underway currently ongoing naturally!
Soon after raising capital completion expected fund targets acquisition involving sixty multiresidential suites sited at733 Goldstream Ave Langford location followed by purchasing251 apartments found nearby6035 Linley Valley Drive together4800 Uplands Drive both Nanaimo zones designated future project areas accordingly planned ahead confidently prepared !
Together Bentall Green Oak partnership expanded recently too where deals included larger224-unit apartment compound Burlington Ontario combined new build luxury style113-suite residence Victoria BC among notable joint ventures wrapped recently meanwhile keeping momentum consistent pushing expansion steadily stronger everyday basically!!
A little background on Starlight Investments
Basing headquarters inside Toronto city limits , Starlight Investments works privately operating full-service real estate investment management focused primarily multiresidential plus commercial sectors still growing fast mostly nowadays employing over300 team members actively working continuously every day handling operations worldwide efficiently now !
The company oversees management exceeding$23 billion worth direct real estate assets combining investment securities involvement simultaneously juggling various vehicles including institutional joint ventures True North Commercial REIT alongside multiple U. S. Multi-Family Funds Northview Canadian High Yield Fund also named others like Starlight Capital Funds commonly known throughout industry circles broadly recognized everywhere ultimately generating huge scale influence meanwhile supporting growth relentlessly persistently forever onward !!
Total property holdings span approximately70000 residential suites scattered throughout Canada added United States markets paired nicely over eight million square feet occupied commercial space held strongly under management control daily continuously present firmly active worldwide indeed without doubt !
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