Toronto – June 14, 2019 – Starlight Investments (“Starlight”) announced that it has completed the acquisition of a concrete, mid-rise, multi-residential building located at 11 Paddon Avenue in Victoria, British Columbia (the “Property”).
“This acquisition further enhances Starlight’s presence in Victoria and aligns with our goal to build a significant presence in well-situated neighborhoods that are attractive to a wide array of tenants and their varying needs,” stated Daniel Drimmer, Starlight’s President and Chief Executive Officer.
The Property is comprised of 32 bachelor, one-bedroom, one-bedroom plus den and two-bedroom units in a mid-rise building on a 0.51 acre site. The Property features on-site laundry, professional building management, lounge/dining amenity with an outdoor patio, bicycle storage, storage lockers, surface parking and covered surface parking. Each unit offers spacious layouts and expansive outdoor patio space with spectacular views. The Property is also near multiple cultural and tourist destinations. The Property is steps from the Dallas Road Waterfront Trail, Fonyo Beach, Holland Point Park, Beacon Hill Park and Emily Carr House Museum and is also within walking distance to the Royal BC Museum, Bateman Foundation Gallery of Nature and Legislative Assembly of British Columbia Government office. The Property is located in a suburban neighborhood that is accessible to a variety of community amenities with access to public transit, major highways and Victoria Harbor Airport.
The building will be managed on site by Devon Properties.
The acquisition of the Property further strengthens Starlight’s presence in Victoria, demonstrates its access to investment opportunities and reflects its reputation for successfully negotiating and executing transactions.
About Starlight Investments
Starlight Investments is a privately held Toronto-based, full service, multi-family and commercial real estate investment and asset management company driven by an experienced team of over 200 professionals. The company currently manages over $11.0 billion of direct real estate as well as real estate investment securities. Investment vehicles include institutional joint ventures, True North Commercial REIT, Starlight U.S. Multi-Family Funds and Starlight Capital Funds. Starlight Investment’s portfolio consists of approximately 36,000 multi-residential units across Canada and the U.S. and over 6.2 million square feet of commercial properties. Please visit us at www.starlightinvest.com and connect with us on LinkedIn at www.linkedin.com/company/starlight-investments-ltd-
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