A joint venture between Starlight Investments and an affiliate of Blackstone Property Partners has acquired a six-property portfolio in Canada. Five of the communities are located in Toronto neighborhoods, while the remaining asset can be found in Montreal.
“Blackstone is excited about the opportunity to enter the multifamily sector in Canada with a partner that has a national presence and proven track record,” said Olivia Hamlet, managing director at Blackstone. “We believe in the multifamily fundamentals in Canada’s major cities and hope to do more in the space.”
The purchased portfolio includes low-, mid- and high-rise communities, totaling 746 units. This partnership marks Blackstone’s first investment in the Canadian multifamily market.
June has been a busy month for Blackstone. The company recently formed a joint venture with GEdR to acquire a portion of EDR’s portfolio for $1.2 billion, comprising 10,500 beds across 20 assets. The portfolio includes assets adjacent to top-tier universities such as the University of California Berkeley, University of California Riverside, University of Virginia, University of Arizona, Arizona State University, University of Colorado Boulder and Penn State.
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