Starlight Investments is pushing forward with multifamily developments large and small as the Toronto-based firm acts on a year-old pledge to accelerate construction in the sector.
It’s most recent completion is a smaller project, the 24-unit Ledbury Park Towns, a purpose-built rental housing community in Toronto. But, Starlight has other developments in varying stages of completion in and around several major Canadian markets.
“We are committed to working with all levels of government to help achieve housing commitments,” Starlight development vice-president Howard Paskowitz told RENX during an interview to update the company’s progress in both developments and acquisitions. “We know that Canada needs more housing and we believe that together we can increase the supply of housing across Canada.”
Starlight announced last September it was positioned to start construction on 1,200 new residential rental units in 2024 and an additional 1,800 in 2025. It added that it was on track to build up to 28,000 new units over the next 10 years, but set an internal goal to exceed that target.
Starlight is a privately held, global real estate investment and asset management firm based in Toronto. It has $28 billion of assets under management and is the owner, developer and asset manager of over 68,000 multi-residential units and more than seven million square feet of commercial space.
Ledbury Park Towns
Ledbury Park Towns offers a mix of two- and three-bedroom units near Bathurst Street and Lawrence Avenue West meant to play a part in addressing Canada’s “missing middle” housing shortage, bridging the gap between single-family homes and high-density apartment buildings.
Leasing is underway for the four-block infill development that created new homes on a former surface parking lot at one of Starlight’s existing residential properties.
“When we do our infill projects, we’re bringing amenities on stream for both the existing residents and our new residents,” Paskowitz said.
Ledbury Park Towns amenities include private terraces and backyards, a gym, a shared barbecue area, a dog run, 26 underground parking spaces and bicycle storage. The residences incorporate LED lighting, energy-efficient appliances and smart thermostats.
Ledbury Park Towns is in close proximity to local services and amenities — including a hospital, schools, restaurants and cafes — and is walking distance to necessity-based retail. It’s a 15-minute drive from Yorkdale Shopping Centre, not far from major highways, and has transit connections to the Yorkdale and Lawrence West subway stations.
“We believe it’s a complete community,” Paskowitz said. “You can walk to the grocery store and you’re right on the bus line.”
Other recent completions
Starlight completed the lease-up of a 17-storey, 138-unit apartment building called Sheridan Crossing at 2215 Sheridan Park Dr. in Mississauga early this year.
The 10-storey, 159-unit Oakhill at 291-297 Queens Ave. in Oakville – also just west of Toronto – is almost fully occupied after a few months of leasing. It features 6,000 square feet of indoor and outdoor amenity spaces.
Both Sheridan Crossing and Oakhill Rentals were infill developments on properties already owned by Starlight.
Under construction in British Columbia
Bella Vista — a two-block, six-storey community with 235 rental units in Central Saanich, B.C. on Vancouver Island — is scheduled for completion by the end of this year.
Bella Vista will include two rooftop patios, barbecue facilities, a fitness centre, a children’s play area, underground parking, electric vehicle charging stations and access to nearby hiking and biking trails.
A project called The Lively will provide 40 rental units within a new four-storey building and a three-storey stacked townhome on the site of an existing 15-storey, 88-unit apartment at 137 East Keith Rd. in North Vancouver.
Starlight expects to complete a 511,600-square-foot development with 597 units at 1100 McCallum Rd. in Langford, B.C. next year. Amenities will include a rooftop terrace, a billiards and game room, a fitness centre, a lounge and access to a new walking trail with waterfront views.
Under construction in Ontario
Starlight is nearing completion of Shoreview, an 11-storey, 215-unit infill development at 37 Johnson St. in Barrie, about 70 kilometres north of Toronto. There’s already an 11-storey, 188-unit apartment on the site.
A 21-storey, 249-unit apartment at 555 The West Mall in Toronto’s Etobicoke neighbourhood is scheduled for completion in 2027.
Ground should be broken this year for a nine-storey apartment building and townhomes that will add 159 units as an infill development at an existing Starlight property in nearby North York.
Slowing condominium sales have an impact
“I’ve been in the rental housing development world for nearly 25 years and I think the main change that I’ve seen is a real appreciation by all levels of government of the need for new rental housing and creating more supply,” Paskowitz observed.
More than 70 per cent of Canada’s purpose-built rental apartments were constructed before 1980. More recent multifamily construction had focused mainly on condominiums, until the past couple of years. About 30 per cent of condo units are rented out, creating a shadow rental market, according to Paskowitz.
The slowdown in the condo market means fewer of those potential rental units will be coming on stream, so Paskowitz said purpose-built rental construction should be encouraged now more than ever.
“Starlight is committed to providing a variety of attainable and high-quality housing options in an effort to fill these gaps,” Paskowitz said.
Starlight isn’t just developing new product
Starlight acquired a 22-storey, 186-unit rental building called The Lauren at 1051 Broughton St. in Vancouver in June for an undisclosed price. It was developed by Westbank and Peterson in 2014.
“In addition to wanting to build more, we obviously just believe in the importance of rental communities and rental housing,” Paskowitz explained. “Purchasing new rental buildings demonstrates our commitment to being in this space on an ongoing basis.”
Starlight also continues to invest to improve its older stock to foster “sustainable rental communities where our residents can live, thrive, play, work and grow over the long term,” Paskowitz noted.
