- What Starlight purchased a 139-unit rental apartment building in Guelph, Ont.
- Why Construction of the building finished earlier this year
- What next Starlight continues to invest in modern, sustainable communities
Starlight Investments purchased a recently built rental apartment complex in Guelph, Ont., for $73.9m, Green Street News can reveal.
The 139-unit building, completed earlier this year, was sold by developer BOST Group, with the valuation working out to $532,000/unit. The deal closed on Feb. 6 and Starlight obtained a $68.6m loan from TD Bank.
Watson Residences, at 425 Watson Parkway North, is a 10-storey purpose-built rental building. The units comprise a mix of one-, two- and three-bedroom suites with rent prices starting at $2,375/month.
The building has several amenities including guest suites, a games room, a gym, workstations and outdoor lounge space. There are parking spaces both underground and at surface level. The property is managed by Greenwin Corp.
Just south of Eastview Road, the building is immediately adjacent to a retail property with a McDonald’s, Mr. Sub and Shell gas station. It is 2 km from Highway 7 and 5 km from the University of Guelph.
Neil Fischler, Starlight’s executive vice president of Canadian residential asset management, said the acquisition underscores the firm’s “commitment to investing in contemporary and sustainable communities that enhance the living experiences of our residents.”
This is Starlight’s second recent acquisition from BOST Group. In November, Starlight’s joint venture with BGO purchased from BOST a newly built apartment complex in Pickering, Ont., for $127m.
