Starlight Investments announced Thursday afternoon it has acquired four “landmark” concrete high-rise apartment buildings comprising a total of 456 units in downtown Vancouver and North Vancouver.
The acquisition lifts Starlight’s Victoria and Vancouver portfolio to approximately 1,700 units in 18 concrete high-rise towers and mid-rise multi-residential buildings.
Financial terms were not disclosed in a release issued by Starlight.
“Starlight has once again demonstrated its ability to execute its strategic plan through the recent acquisition of four highly desirable multi-residential high-rise concrete towers in Vancouver’s city centre,” said Daniel Drimmer, Starlight Investments president and chief executive officer, in the release.
“In the Canadian marketplace, an urban multi-residential real estate transaction of this magnitude and involving irreplaceable Vancouver real estate is rare.
“The acquisitions significantly increase our multi-residential portfolio in Vancouver and allow Starlight to recognize significant synergies created by the growing scale of our West Coast portfolio.”
Starlight also did not disclose the vendor, citing a confidentiality agreement, but all four buildings are listed as having been owned and managed by Vancouver-based Ottmann Properties on its website. They were the only four properties the firm owned in Vancouver, though the company says it also owns and manages apartment buildings in San Diego, Calif.