- What Starlight Investments and BGO purchased a 227-unit apartment building in Pickering, Ont., for $127m
- Why BOST Group completed construction of the building earlier this year
- What next Sterling Karamar will manage the property
Starlight Investments and BGO jointly purchased a new 12-storey rental building in Pickering, Ont., for $127m, Green Street News can reveal.
Starlight announced the acquisition on Wednesday, though no financial details were disclosed at the time. Pricing on the 227-unit building works out to $559,000/unit. The deal closed on Nov. 5.
Developer BOST Group completed construction of the building at 1475 Whites Road earlier this year. Units range from one- to three-bedrooms and the building has surface-level and underground parking, storage lockers, a party room, a games room, a gym, a playground and a barbecue area.
The property is just north of Kingston Road and Highway 401. It’s 300 m from a large retail plaza with a FreshCo, a Shoppers Drug Mart and several other retailers.
“This exceptional residence, with its modern design and attractive location, presents convenient, comfortable, high-quality homes that are suitable for both individuals and families,” Heather Kane, executive vice president of Canadian residential asset management at Starlight, said in a release.
The property will be managed on-site by Sterling Karamar.
Starlight has made a number of portfolio changes in recent months. In October, it purchased two Toronto apartment buildings from Oxford Properties for $216.3m, or $350,000/unit. The month prior, Starlight picked up a 37-unit apartment building in Victoria, B.C.
The company also recently sold several co-owned rental properties: A two-building rental complex in Pointe-Claire, Qué., it owned with KingSett Capital sold for $25.5m, or $172,000/unit, and four rental apartment properties in Toronto co-owned with Blackstone traded for $130.2m, or $376,000/unit.
Starlight now has $28bn of assets under management with over 68,000 multi-residential suites.
This story was updated with new information.
