- What Starlight Investments has bought a rental apartment portfolio in Cambridge, Ont., for $62.3m
- Why A private family business offloaded the assets
- What next Starlight financed the deal with a $40m vendor take-back loan
Starlight Investments has bought an 11-building rental apartment portfolio in Cambridge, Ont., for $62.3m, Green Street News can reveal.
The low-rise buildings comprise 391 suites, with the valuation working out to $159,000/unit. The purchase closed on Feb. 24 and was funded in part by a $40m vendor take-back loan. The seller was a private family business.
The properties are all within 500 m of each other in the city’s Christopher-Champlain neighbourhood. They comprise multiple buildings along Champlain Boulevard, Christopher Drive and Dudhope Avenue.
“This acquisition is aligned with Starlight’s commitment to providing safe and attainable rental homes for individuals and families across Canada,” said Neil Fischler, Starlight’s executive vice president of asset management for Canadian residential.
The buildings are close to Churchill Park and are roughly 2 km from the University of Waterloo’s Cambridge Architecture Campus. Main throughways Dundas Street North and Highway 24 are just over 1 km away.
This marks Starlight’s second acquisition in the area this month. On Feb. 6, the firm closed on a recently built apartment complex in nearby Guelph for $73.9m.
