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Starlight buys eight Victoria rental apartment buildings

Announcement follows Starlight application to build 1,200 rental apartments in Burnaby
Starlight Investments’ Victoria multi-family acquisition includes 1126 Rockland Ave. | Darren Stone, Times Colonist

Toronto’s Starlight Investments, Canada’s biggest landlord, has made another major investment plunge into B.C.’s multi-family market  by buying a portfolio of eight Victoria rental apartment buildings with more than 500 units in all.

“Victoria offers great accessibility and a wide range of job opportunities, coupled with the surrounding natural environment, warm summers, mild winters and a high quality of life — people from around the world choose to make Victoria their home,” Daniel Drimmer, Starlight president and chief executive, said in a statement.

While its new acquisitions are rental buildings, which will be managed by Devon Properties, Starlight is also planning a major mixed-use redevelopment in the Harris Green area.

The total value of the rental building package is confidential but is “significant in the Victoria market,” Bev Highton of NAI B.C., which had the portfolio listing, said Friday.

It attracted interest from large property firms similar to Starlight, public and private real estate investment trusts and private individuals, he said.

“Ultimately there was a significant number of offers,” he said.

The sale closed the week of June 1, said Ross Marshall, senior vice president of the investment properties group at CBRE, acting for Starlight, “This was a great opportunity to add some buildings to their portfolio.”

Starlight Developments, a division of Starlight Investments, has also submitted a rezoning proposal to the City of Burnaby, the company announced December 1.

The proposal includes the retention of four concrete rental towers with 528 units and the addition of three additional high-rise, concrete towers and 1,200 new rental homes – totaling 1,728 suites when the proposed development is complete.