Starlight buys two Metro Vancouver apartment buildings for $43.5M

Toronto-based major landlord expands further into region with purchase of multifamily buildings in New Westminster and Vancouver's West End

By
for Western Investor
December 17, 2019





DD Starlight multifamily purchases 1629 Haro and 720 Queens Ave Combined Image

Toronto-based Starlight Investments has expanded its B.C. holdings with the $43.5 million purchase of two Metro Vancouver apartment buildings with a total of 153 units. 

“Starlight is seeking scale in the Lower Mainland multi-family market, and these acquisitions – the sixth and seventh apartment properties in its B.C. portfolio – give a serious boost to that strategy,” said Lance Coulson, executive vice-president of the CBRE national apartment group in Vancouver.

 The recent apartment properties purchased by Starlight Investments are:

1629 Haro Street, a 40-unit concrete apartment building in the West End of Vancouver; and 720 Queens Avenue, a 113-unit low-rise apartment building in New Westminster, B.C.

Concrete highrise rental apartment buildings are somewhat of a rarity on the West Coast, where most multi-family structures are wood-framed, Coulson noted. “They don’t come up that often,” he said. “In fact, this was the first concrete highrise rental building sold in the city of Vancouver this year.”

The low-rise New Westminster property came as part of a package purchase for Starlight.

Breakdown:

Property type: Two multi-family rental buildings

Location 1: 1629 Haro Street (concrete high-rise), Vancouver

Location 2: 720 Queens Avenue (low-rise, wood-frame), New Westminster

Total number of units: 153

Total price: $43.5 million

Price per suite: $302,000 (approx.)

Brokerage: CBRE National Apartment Group, Vancouver

Broker: Lance Coulson


Lance Coulson is the Executive Vice President of CBRE’s National Apartment and Investment Properties Group BC with 21-plus years of experience in commercial real estate, specializing in multi-family properties.

CBRE Canada
Suite 2500, 1021 W Hastings St.
Vancouver, B.C. V6E 0C3
Office: 604-662-5141

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