Toronto – September 26, 2014 – Starlight Investments Ltd. (“Starlight”) is pleased to announce that it has completed the acquisition of Club Sommet, a 16-storey, 290 suite, high rise, concrete, luxury, multi-residential building with industry leading tenant services and amenities located at 3475 Rue de la Montagne, Montréal, Québec (the “Property”).
The Property is located on the east side of Rue de la Montagne, just north of Rue Sherbrooke West in the heart of Montréal’s famous Golden Square Mile district, the most affluent neighbourhood in downtown Montréal. The neighbourhood is home to Montréal’s two nationally acclaimed museums, McGill University and the Financial District.
Recently renovated, the Property consist of bachelor, one, two and three bedroom units and offers best-in-class amenities including a state-of-the-art fitness facility, indoor and outdoor pool areas, a first class lobby renovated with marble floors and walls, and a fireplace, and a rooftop patio with barbecue. All inclusive rent at The Property includes industry leading services such as a concierge, a doorman, a resident manager, security, Wi-Fi services, high definition cable, laundry, heat/air conditioning, electricity and morning refreshments that include freshly baked pastries. The current parking facility at the Property consists of 119 stalls and 273 storage lockers.
The Property will be managed on site by Timbercreek Communities.
“We are extremely pleased to acquire this state-of the art luxury concrete high-rise located in a most desirable area of downtown Montréal, Québec. 3475 Rue de la Montagne is a modern and upscale condominium-style facility with a high quality tenant base.” stated Daniel Drimmer, Chief Executive Officer.
The acquisition of the Property further strengthens Starlight’s presence in Montréal, demonstrates its access to investment opportunities and reflects its reputation for successfully negotiating and executing transactions.
About Starlight Investments Ltd.
Starlight Investments Ltd. is a Toronto-based privately held real estate investment and asset management company that is driven by an experienced team comprised of more than 90 professionals. Starlight currently manages $3.5 billion of multi-residential and commercial properties for joint venture partnerships with institutional investors, True North Apartment REIT, True North Commercial REIT, Starlight U.S. Multi Family Core Funds and private investors. The company’s portfolio consists of approximately 27,000 multi-residential units across Canada and the United States and nearly two million square feet of commercial properties.
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