Starlight Expands Multifamily Footprint in Toronto
- Nov 27, 2018
Starlight Investments has acquired Maeford Court Apartments, a 20-story, 236-unit community located at 25 Cougar Court in Toronto’s Scarborough Village neighborhood.
“As 2018 draws closer to conclusion Starlight continues to strategically grow its Canadian multi-residential portfolio,” Daniel Drimmer, Starlight’s president & CEO, said in a prepared statement. “The acquisition of 25 Cougar Court, a concrete high-rise building, further expands Starlight’s presence in Toronto.”
The acquisition expands Starlight’s presence in Toronto, reflecting its reputation for successfully negotiating and executing transactions. In June, a joint venture between Starlight Investments and an affiliate of Blackstone Property Partners acquired a six-property portfolio in Canada, including five communities in Toronto.
Originally built in 1970, the property is comprised of one, two and three-bedroom suites and boasts on-site laundry, elevator access, underground and surface-level parking and a controlled security system.
The community is situated nearby the Scarborough Golf and Country Club, local public schools, restaurants and grocery stores. It’s also close to public transit and major highways.
MetCap Living Management will take over management of the site.
Large Scale Transactions Defining Toronto
According to Colliers most recent Greater Toronto Multi-Family Market Report, large portfolio sales have represented more than 50 percent of the total dollar volume and number of suites traded year-to-date. In fact, in the third quarter of 2018, the total dollar volume was greater than the previous three quarters combined.
Starlight Investments was the top purchaser of the year, acquiring 19 properties comprised of 2,409 suites for a total consideration of $589.5 million. The company’s biggest transaction year-to-date is their participation in the Wynn Portfolio sale.
Image courtesy of Starlight Investments