- What Starlight Investments purchased two multifamily buildings in Toronto for $216.3m
- Why Oxford Properties was looking to offload the assets
- What next Signet Group will manage both properties
Starlight Investments has acquired two Toronto rental apartment buildings from Oxford Properties for $216.3m, Green Street News can reveal.
The properties, at 120 Torresdale Avenue and 300 Antibes Drive, contain 618 units combined, and the valuation works out to $350,000/unit. JLL handled the sale, which closed on Sept. 25.
The properties are 600 m apart in the city’s North York region and were built from 1970 to 1980. The 16-storey Wyldewood, on Torresdale, contains 246 one- to four-bedroom apartments. The building has a gym, a sauna, a playground and barbecue area.
Forest Lane, on Antibes, rises 21 storeys, with 372 one- to three-bedrooms units. Amenities include a gym, a social room, a pool and a playroom.
Signet Group will manage both properties.
Starlight has made a number of strategic portfolio changes lately. This month, the firm picked up a 37-unit apartment building in Victoria, B.C., for just under $10m and offloaded a 148-unit rental property jointly owned with KingSett Capital in Pointe-Claire, Qué., for $25.5m.
Oxford similarly has shuffled some of its holdings, most recently agreeing to offload Les Galeries de la Capitale shopping centre in Québec City for $325m. Primaris REIT is the purchaser, and the deal is expected to close on Oct. 1.
