Starlight Investments
 | |
| Industry |
|
|---|---|
| Founded | 2011 |
| Headquarters | Toronto, Ontario, Canada |
Key people | Daniel Drimmer (Founder/CEO) |
| Website | starlightinvest |
Starlight Investments is a privately-held Canadian real estate investment and asset management company based in Toronto, Ontario. As of 2024, Starlight owns 70,000 multi-family units (54,000 in Canada[1] and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada.[2] They are the largest private landlord in Canada.[1]
History
[edit]In 2011, Drimmer founded Starlight Investments.[3] In 2012, Drimmer acquired his former company TransGlobe REIT for $1 billion,[4] and also acquired 72 additional buildings with a subsidiary from the Public Sector Pension Investment Board.[5][6][7] In February 2020, Starlight bought Northview Apartments REIT.[8]
In 2016, Starlight drew scrutiny from tenants and local politicians around proposed 'renovictions' of tenants.[9] It has also faced other complaints around landlord practices.[10]
The company created a real estate securities investment company, Starlight Capital, in 2018.[11] That November, Starlight Capital announced the Starlight Hybrid Global Real Assets Trust to give retail investors access to a real estate mutual fund.[12]
In January 2021, Starlight purchased the naming rights to a stadium at City Centre Park in Langford after making a sponsorship deal with the city, which saw Bear Mountain Stadium renamed to Starlight Stadium as part of the five-year deal.[13]
In April 2022, Starlight Capital acquired Stone Investment Group, making them the largest owner/operator of purpose-built rental housing in Canada.[14][2]
In June, Starlight Investments' Canadian Residential Growth Fund III raised CDN $1.2 billion, with 61% of the capital coming from foreign investors.[15] This was the first time foreign investors contributed to one of Starlight's funds.[15]
Research from a University of Waterloo researcher found that "financial firms are raising rents higher than other types of landlords. On average, after a financial firm acquires a building, they increase the eviction-filing rate by three."[1] Starlight has been granted approval twice by Ontario's Landlord and Tenant Board to raise the rent above the provincial guidelines as reported in 2024.[1] One of these exceptions was passed in June 2024.
References
[edit]- ^ a b c d Hennessey, Angela (September 9, 2024). "How 'financialized' landlords may be contributing to rising rents in Canada". CBC News. Retrieved September 9, 2024.
- ^ a b "Starlight Development aims to build Metro's largest rental development in Burnaby". ottawacitizen. Retrieved 2022-12-13.
- ^ "TransGlobe Apartment REIT in $1B privatization deal". CBC. 26 April 2012. Retrieved 7 September 2022.
- ^ "TransGlobe REIT privatized in $1-billion deal". theglobeandmail.com. April 26, 2012. Retrieved March 12, 2021.
- ^ "Trouble for Rent". CBC Marketplace. January 20, 2012.
- ^ "Starlight Investments Completes Acquisition of TransGlobe Apartment REIT". www.lexpert.ca. Retrieved 2022-09-07.
- ^ "Starlight poised for "aggressive and visible" growth". RENX - Real Estate News Exchange. 2016-07-28. Retrieved 2022-09-28.
- ^ "Starlight, KingSett Capital Announce $3.6B Deal". Multifamily Real Estate News. 2020-02-21. Retrieved 2022-09-20.
- ^ "'Renoviction' fears spark special meeting after a handful of tenants receive eviction notices". Canadian Broadcasting Company. 22 January 2016. Retrieved 20 September 2022.
- ^ Pelley, Lauren (28 February 2018). "Toronto woman who said landlord wouldn't tell her how to pay rent wins fight against eviction notice". CBC News. Retrieved 10 October 2022.
- ^ "Dennis Mitchell named CEO of new Starlight Capital venture". renx.ca. Retrieved 2022-10-10.
- ^ "Starlight Investments Capital creates 'unique' new fund". renx.ca. Retrieved 2022-10-27.
- ^ "Langford sells stadium naming rights for $500,000 to Starlight Developments". Victoria News. 2021-01-18. Retrieved 2022-09-14.
- ^ "Starlight Capital inks deal to acquire Stone Investment Group". www.wealthprofessional.ca. Retrieved 2022-12-13.
- ^ a b "Starlight Canadian Residential Growth Fund III closes at $1.2B - Private Capital Journal". privatecapitaljournal.com. Retrieved 2022-10-27.