Canadian Residential
Toronto – November 15, 2023 – Starlight Investments (“Starlight”), a leading global real estate investment and asset management firm, is proud to announce the strategic acquisition of McKenzie Manor Apartments, a 70-suite rental residence located at 1010 McKenzie Avenue in the dynamic community of Victoria, British Columbia.
Situated in Greater Victoria, the second-largest urban centre in British Columbia, the property benefits from the region’s robust economy, driven by technology, government, and tourism sectors. With a significantly lower unemployment rate than the national average, the region’s economic and cultural vibrancy is a testament to its growing appeal.
Strategically positioned at the corner of McKenzie Avenue and Quadra Street, the property offers dual street access and is well-serviced by public transit, providing residents with easy access to the University of Victoria, Downtown Victoria, and the wider Greater Victoria area. Directly opposite the Saanich Shopping Centre, residents enjoy convenient access to essential amenities and services.
McKenzie Manor represents a great addition to our portfolio in British Columbia, reflecting Starlight’s dedication to offering residences that blend comfort, convenience and community,” said Neil Fischler, Starlight Senior Vice President, Asset Management. “This acquisition in Victoria, a city known for its dynamic blend of cultural and economic vitality, further solidifies our commitment to investing in high-quality living spaces across Canada.”
ABOUT THE RESIDENCE
The McKenzie Manor Apartments feature a four-storey wood frame construction with 70 suites and 95 surface parking stalls. This residence is comprised of large suites with private balconies. A significant highlight of this property is the desirable suite mix, with over half being spacious two-bedroom suites designed to maximize living space, and the average suite size coming in at just over 750 sq ft per suite.
Adding to its appeal, the building’s heating system features electric baseboard heat, while each suite is furnished with modern stainless-steel appliances. The residence also features an upgraded elevator. The residence will be managed by Devon Properties.
ABOUT STARLIGHT INVESTMENTS
Starlight Investments is a leading global real estate investment and asset management firm. A privately held owner, developer and asset manager of over 66,000 multi-residential suites and 7 million square feet of commercial property space, we offer a range of investment vehicles across various real estate strategies. Starlight’s guiding mission is to balance our tenure with visionary curiosity to create positive impact for investors and communities alike. At Starlight, we invest with impact. Learn more at www.starlightinvest.com or connect with us on LinkedIn.