Toronto – March 21, 2013 – Starlight Investments Ltd. (“Starlight”) is pleased to announce that it has completed the acquisition of eight multi-family properties situated in the Greater Toronto Area and Mississauga.
The portfolio consists of five high-rise and seven mid-rise buildings, was originally constructed between 1955 and 1975 and is comprised of 1,324 suites, offering a mix of bedroom units. Features of the properties include proximity to notable schools, various parks, highways and recreational and retail amenities in addition to affordable laundry facilities, secured entry and parking.
The properties will be managed on-site by various top tier third party property management companies.
“We are extremely pleased to acquire this highly coveted portfolio of properties. This acquisition aligns well with our current portfolio and increases our presence in a market that we believe will continue to outperform. This portfolio will benefit significantly from Starlight’s asset management approach,” explained Daniel Drimmer, Chief Executive Officer.
The acquisition of the portfolio further strengthens Starlight’s presence in the Greater Toronto Area and Mississauga, demonstrates its access to investment opportunities and reflects its reputation for successfully negotiating and executing transactions.
About Starlight Investments Ltd.
Starlight is a privately held, full service, real estate investment and asset management company that is driven by an experienced team of professionals. Starlight currently manages multi-residential and commercial properties for joint venture partnerships with institutional investors, publicly listed companies including True North Apartment REIT and True North Commercial REIT and for private investors.
To learn more about Starlight, visit www.starlightinvest.com or contact:
President and Chief Executive Officer
+1 – 416-234‑8444
Vice President, Asset Management
+1 – 416-234‑8444