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
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.
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