Starlight buys Akelius’ GTA apartment portfolio for $176.8M
Toronto-based Starlight Investments, a multi-family and commercial real estate investment and asset management firm, has bought 12 Greater Toronto Area (GTA) apartment properties.
Starlight Investments bought the properties, which include 19 buildings and 626 suites, from Akelius Canada, a subsidiary of Akelius Residential Property AB, for $176.8 million.
More so Starlight Investments said that the acquisition of these 19 buildings further enhances its presence throughout the city.
Recently, the portfolio had received around $12.5 million in structural and mechanical upgrades by Akelius Canada before the sale.
On-site property management services will be provided by Sterling Karamar or Greenwin Inc.
12 BUILDINGS INCLUDED IN TRANSACTION
* 580 The East Mall: 122 units with an average size of 1,001 square feet. Thirty-seven per cent of the suites have been renovated and the building has received capital expenditures of $3.8 million;
* 2701 Eglinton Ave. W.: 49 units averaging 610 square feet. Sixty-one per cent of the suites have been renovated and the building has received capital expenditures of $927,000;
* 2040 Eglinton Ave. W.: 37 units averaging 690 square feet. Forty-nine per cent of the suites have been renovated and the building has received capital expenditures of $600,000;
* 310-312 Lonsdale Ave.: 35 units averaging 665 square feet. Eighty-six per cent of the suites have been renovated and the building has received capital expenditures of $1.1 million;
* 778 Broadview Ave.: 39 units averaging 370 square feet. Sixty-seven per cent of the suites have been renovated and the building has received capital expenditures of $453,000;
* 260 Gamble Ave.: 26 units averaging 554 square feet. Seventy-three per cent of the suites have been renovated and the building has received capital expenditures of $445,000;
* 338-342 Donlands Ave.: 36 units averaging 401 square feet. Forty-seven per cent of the suites have been renovated and the building has received capital expenditures of $359,000;
* 5-9 Stag Hill Dr.: 67 units averaging 747 square feet. Sixty per cent of the suites have been renovated and the building has received capital expenditures of $900,000;
* 327 Chisholm Ave.: 20 units averaging 588 square feet. Forty per cent of the suites have been renovated and the building has received capital expenditures of $183,000;
* 2367 Queen St. E.: 24 units averaging 300 square feet. Fifty-eight per cent of the suites have been renovated and the building has received capital expenditures of $705,000;
* 74 Curlew Dr.: 112 units averaging 720 square feet. Twenty-four per cent of the suites have been renovated and the building has received capital expenditures of $1.5 million;
* and 2029-2055 Victoria Park Ave.: 60 units averaging 1,020 square feet. Thirty-three per cent of the suites have been renovated and the building has received capital expenditures of $1.2 million.
CLICK HERE to read Starlight’s public release.
