Starlight Investments Acquires Multi-Residential Building in Oshawa, Ontario
Toronto, ON – October 29, 2019 – Starlight Investments (“Starlight”) is pleased to announce that it has completed the acquisition of a 132-unit concrete multi-residential mid-rise building located at 380 Gibb Street in Oshawa, Ontario (the “Property”).
“This acquisition of this asset complements Starlight’s strategy of acquiring well-positioned assets in sought-after neighborhoods, and further enhances our portfolio in Southern Ontario,” stated Daniel Drimmer, Starlight’s President and Chief Executive Officer.
The Property is comprised of four bachelor, 42 one-bedroom, 74 two-bedroom, and 12 three-bedroom units in a seven-storey building on a 2.4‑acre site. The Property was originally developed in 1962. The Property features on-site laundry, a community garden, underground and surface parking, and professional building management. Each unit offers spacious layouts, well appointed kitchens with stainless steel appliances and large balconies. The Property is located in the Vanier neighborhood, steps from parks, food and shopping with tenants able to walk to Oshawa Centre in seconds. Tenants are also surrounded by amenities such as SmartCentres Oshawa South, Greenfield Mall, Rundle Park Community Centre, Tribute Communities Centre and Arena, Fernhill Community Centre and Valleyview Community Centre. Tenants have easy acess to public transit, highways and the lakeshore.
The acquisition of the Property further strengthens Starlight’s presence in Southern Ontario, demonstrates its access to investment opportunities and reflects its reputation for successfully negotiating and executing transactions.
The Property will be managed onsite by Cogir Real Estate.
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-