Starlight adds two apartment blocks Oswego & Michigan to its portfolio

1
180

Starlight Investments, a privately held real estate investment and management fund based in Toronto, ON. It co-invests via joint ventures with high net-worth individuals, private offices, institutions, starlight capital, and via its publicly traded True North Commercial REIT.

Starlight has acquired approximately 23,000 rental units across 400 multifamily properties across Canada. The Victoria portfolio holds 16 rental apartment buildings of various sizes and construction types.

On November 13th, 2019 Starlight announced its latest acquisition of two adjacent apartment blocks in the James Bay neighbourhood. A vibrant and diverse neighbourhood with both apartment towers and historic homes, James Bay is the bedroom community to the downtown core.

Starlight has been on a steady acquisition spree in Victoria. In October 2019 the company closed on a 13 unit building at 1205 Rudlin Street for $3,175,000 or $244,230/unit. The property is located on the edge of Victoria’s downtown Harris Green neighbourhood, which is experiencing rapid growth and development of high-rise towers.

Just a few months prior in June of 2019 Starlight completed transactions on two multifamily apartment buildings in the James Bay neighbourhood. The 32-unit concrete building at 11 Paddon Avenue for $9,325,000 and a 24-unit building at 260 Michigan for $6,525,000.

This brings Starlights total investment into Victoria this year at an impressive $27,525,000. This is a reflection that Greater Victoria continues to show value and investor confidence as a secondary marketplace.

November Transaction Overview:

The properties were acquired concurrently from a private family in Victoria’s westshore who held and self operated the properties since 1989.

AddressPurchase Price# UnitsLot Size (sqft)
250 Oswego St$5,150,0002114,462
283 Michigan St$3,350,0001014,880
Total$8,500,0003129,342

The acquisition price equates to an average price per unit of ~$274,200 which is inline with the regional average of $275,200 recorded by the VictoriaMarket.ca Multifamily Report. The adjacent corner properties may have some longer term re-development potential for higher density, the OCP designates this site as Urban Residential.

250 Oswego, known as the ‘Sanvia Apartments’ was built in 1964 and is comprised of 21 units all 1 bed/1 bath. 550 sf on front suites, 672 sf on back suites. Zoned R3-2

283 Michigan, known as the ‘Vanguard Apartments’ was built in 1994 and is comprised of 10 units: eight x 1 bed/1 bath and two x 2 bed/1 bath. The 1 bedroom units are 720 sf and 2 bedroom units are 910 sf. Zoned R3-2.

If you’re considering the purchase or sale of a multifamily apartment building, contact Victoria’s multifamily expert, Dustin Miller, for a free and discreet conversation of your investment goals. For the latest news and sales data on the 5+ unit rental building investment market check out our Apartment Building Sales Report.

1 COMMENT

Leave a Reply