- What Starlight Investments has listed 26 multifamily properties for sale
- Why The company is looking to offload 2,643 units across Ontario and B.C.
- What’s next TD Cornerstone Commercial Realty and CIBC WM Real Estate are brokering the sale
Starlight Investments is looking to offload a portfolio of 26 multifamily properties across Ontario and British Columbia, the company confirmed to Green Street News.
Comprising 2,643 units, the assets are in eight markets, with the lion’s share — 12 properties and 775 units — in Toronto. The remainder is spread across Mississauga, Hamilton, Kitchener, Waterloo, Guelph, North Vancouver and Nanaimo, as first reported by RENX.
TD Cornerstone Commercial Realty and CIBC WM Real Estate have been given the listing. A sale of all the properties would be one of the largest multifamily deals of the year.
The for-sale properties vary in size. In Toronto, a low-rise rental at 26 Alberta Avenue has just 23 units, and a complex in North Vancouver houses 57 units. The largest is a 279-unit, multi-building property at 545, 547 and 565 Belmont Avenue in Kitchener.
The studio to three-bedroom units average 790 sq ft. The majority (76%) have been renovated, and Starlight has made over $50m of capital improvements since November 2020.
The properties all have financing in place at below-market interest rates, with many being insured by the Canada Mortgage and Housing Corp. There is $425m in CMHC debt — assumable pending lender consent — with an average 2.52% interest rate and 4.2 years remaining in the term.
