Starlight Investments, an affiliate of Blackstone Property Partners, announced they have jointly purchased eight Toronto-area apartment buildings containing 1,067 units in what is now their second major Canadian transaction. According to the press release, all eight rental properties are well-located, mid- and high-rise concrete structures.
“Blackstone is excited about acquiring and investing capital into these properties while continuing to provide residents with high-quality management,” said Olivia John, managing director at Blackstone. “We believe in the multifamily fundamentals in Canada’s major cities and are looking forward to doing more in the space.”
Starlight and Blackstone announced their new partnership back in June with the purchase of six apartment buildings comprised of 746 units; five in Toronto and one in Montreal. Combined, the partners now own now a portfolio of 14 buildings and 1,813 apartment units. The joint venture with Starlight is Blackstone’s first foray into the Canadian apartment investment market.