Starlight Investments is a privately-held Canadian real estate investment and asset management company based in

Toronto, Ontario Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

. As of 2024, Starlight owns 70,000 multi-family units (54,000 in Canada and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada. They are the largest private landlord in Canada.

History

In 2011, Drimmer founded Starlight Investments. In 2012, Drimmer acquired his former company TransGlobe REIT for $1 billion, and also acquired 72 additional buildings with a subsidiary from the

Public Sector Pension Investment Board The Public Sector Pension Investment Board (PSP Investments) is a Canadian Crown corporation established by the Parliament of Canada in September 1999 through the ''Public Sector Pension Investment Board Act''. PSP Investments is one of Canada's ...

. In February 2020, Starlight bought Northview Apartments REIT. In 2016, Starlight drew scrutiny from tenants and local politicians around proposed 'renovictions' of tenants. It has also faced other complaints around landlord practices. The company created a real estate

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

investment company, Starlight Capital, in 2018. That November, Starlight Capital announced the Starlight Hybrid Global Real Assets Trust to give retail investors access to a real estate

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

. 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 Starlight Stadium (formerly Westhills Stadium) is a 6,000-seat multi-purpose stadium in Langford, British Columbia, Canada. It is used by Pacific FC of the Canadian Premier League for soccer, by Rugby Canada for various events, and by the Wes ...

as part of the five-year deal. In April 2022, Starlight Capital acquired Stone Investment Group, making them the largest owner/operator of purpose-built rental housing in Canada. In June, Starlight Investments' Canadian Residential Growth Fund III raised CDN $1.2 billion, with 61% of the capital coming from foreign investors. This was the first time foreign investors contributed to one of Starlight's funds. 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." 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. One of these exceptions was passed in June 2024.

References

{{Reflist Real estate companies of Canada Investment companies of Canada Canadian companies established in 2011 Real estate and property developers Companies established in the 2010s Asset management companies