Starlight Investments and an affiliate of Blackstone Property Partners announced they have formed a joint venture to acquire a portfolio of six multifamily buildings comprised of 746 units.
The portfolio is a mix of high- and low-rise concrete buildings strategically located in the urban cores of Montreal and Toronto, both markets that continue to benefit from strong employment and solid population growth. Five of the buildings are located in Toronto.
“Blackstone is excited about the opportunity to enter the multifamily sector in Canada with a partner that has a national presence and proven track record,” said Olivia Hamlet, Managing Director at Blackstone. “We believe in the multifamily fundamentals in Canada’s major cities and hope to do more in the space.”
Blackstone is a global leader in real estate investing, with approximately $120 billion in investor capital under management. Its real estate portfolio includes hotel, office, retail, industrial and residential properties in the U.S., Europe, Asia and Latin America.
Starlight currently manages $8.5 billion of multifamily and commercial properties for joint venture partnerships with institutional investors, Northview Apartment REIT, True North Commercial REIT, Starlight U.S. Multifamily (No. 5) Core Fund and Starlight U.S. Multi-Family (No.1) Value-Add Fund and for private investors. Starlight’s portfolio consists of approximately 36,000 multifamily units across Canada and the U.S. and over 5.3 million square feet of commercial properties.