Starlight and Homestead acquire two rental properties

Tuesday, January 8, 2019

Starlight Investments and Homestead Land Holdings announced they have jointly purchased two multi-residential apartment complexes located in Toronto and London, Ontario, for a total of $241 million. Combined the two properties comprise 962 units.

Parkvue Apartments, located in the east end of Toronto, consists of three tri-winged towers with 175, 173 and 225 units, plus a variety of amenities spread throughout the three buildings. The 7.3-acre site backs onto Knob Creek Park and presides over 777 feet of frontage on Danforth Rd.

“Starlight is pleased to continue its urban growth with the acquisition of three desirable high-rise towers in Toronto,” said Starlight Investments president and CEO Daniel Drimmer in the release. “These acquisitions create further synergies with our existing Toronto portfolio and will benefit from our scalable asset management program.”

According to JLL, who handled the transaction, the property “afforded the unique opportunity to acquire substantial residential rental scale and quality situated on a contiguous site located within a node that is both established and developing.”

Located at 1 and 9 Grosvenor St., and 291-295 George St., JLL calls Esplanade Apartments “the pinnacle of rental housing in London.” The property is just a few minutes from Western University and overlooks the banks of the Thames River in one of the city’s top neighbourhoods.

Consisting of four buildings ranging from three to 14 storeys on a 6.3-acre lot, Esplanade Apartments includes 392 rental units.

“The Esplanade is an institutional quality asset, adjacent to Gibbons Park, and located on the banks of the Thames River in London,” said Homestead CEO Alfred G. Hendry in the release. “We are very proud to add this spectacular property to our London portfolio.”

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