Starlight Investments
{{Infobox company
| name = Starlight Investments
| logo = Starlight_Investments_Logo.svg
| industry = {{Ubl|Real estate|Asset management}}
| founded = 2011
| hq_location = Toronto, Ontario, Canada
| key_people = Daniel Drimmer (Founder/CEO)
| website = {{URL|starlightinvest.com}}
}}
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{{Cite news |last=Hennessey |first=Angela |date=September 9, 2024 |title=How 'financialized' landlords may be contributing to rising rents in Canada |url=https://www.cbc.ca/news/financialized-landlord-higher-rents-canada-1.7307015 |access-date=September 9, 2024 |work=CBC News}} and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada.{{Cite web |title=Starlight Development aims to build Metro's largest rental development in Burnaby |url=https://vancouversun.com/business/starlight-development-aims-to-build-metros-largest-rental-development-in-burnaby |access-date=2022-12-13 |website=ottawacitizen |language=en-CA}} They are the largest private landlord in Canada.
History
In 2011, Drimmer founded Starlight Investments.{{Cite web |date=26 April 2012 |title=TransGlobe Apartment REIT in $1B privatization deal |url=https://www.cbc.ca/news/canada/transglobe-apartment-reit-in-1b-privatization-deal-1.1292158 |access-date=7 September 2022 |website=CBC}} In 2012, Drimmer acquired his former company TransGlobe REIT for $1 billion,{{cite news |title=TransGlobe REIT privatized in $1-billion deal |url=https://www.theglobeandmail.com/report-on-business/streetwise/transglobe-reit-privatized-in-1-billion-deal/article4103809/ |access-date=March 12, 2021 |work=theglobeandmail.com |date=April 26, 2012}} and also acquired 72 additional buildings with a subsidiary from the Public Sector Pension Investment Board.{{Cite news|last=|first=|date=January 20, 2012|title=Trouble for Rent|work=CBC Marketplace|url=https://www.cbc.ca/marketplace/2012/troubleforrent/|access-date=}}{{Cite web |title=Starlight Investments Completes Acquisition of TransGlobe Apartment REIT |url=https://www.lexpert.ca/big-deals/starlight-investments-completes-acquisition-of-transglobe-apartment-reit/347593 |access-date=2022-09-07 |website=www.lexpert.ca |language=en}}{{Cite web |date=2016-07-28 |title=Starlight poised for "aggressive and visible" growth |url=https://renx.ca/starlight-poised-for-aggressive-visible-growth/ |access-date=2022-09-28 |website=RENX - Real Estate News Exchange |language=en-US}} In February 2020, Starlight bought Northview Apartments REIT.{{Cite web |date=2020-02-21 |title=Starlight, KingSett Capital Announce $3.6B Deal |url=https://www.multihousingnews.com/starlight-kingsett-capital-announce-3-6b-deal/ |access-date=2022-09-20 |website=Multifamily Real Estate News |language=en-US}}
In 2016, Starlight drew scrutiny from tenants and local politicians around proposed 'renovictions' of tenants.{{Cite web |date=22 January 2016 |title='Renoviction' fears spark special meeting after a handful of tenants receive eviction notices |url=https://www.cbc.ca/news/canada/british-columbia/renoviction-fears-spark-special-meeting-after-a-handful-of-tenants-receive-eviction-notices-1.3415325 |access-date=20 September 2022 |website=Canadian Broadcasting Company}} It has also faced other complaints around landlord practices.{{Cite web |last=Pelley |first=Lauren |date=28 February 2018 |title=Toronto woman who said landlord wouldn't tell her how to pay rent wins fight against eviction notice |url=https://www.cbc.ca/news/canada/toronto/tenant-callaghan-update-1.4555706 |access-date=10 October 2022 |website=CBC News}}
The company created a real estate securities investment company, Starlight Capital, in 2018.{{Cite web |title=Dennis Mitchell named CEO of new Starlight Capital venture |url=https://renx.ca/starlight-capital-new-venture-ceo-dennis-mitchell |access-date=2022-10-10 |website=renx.ca |language=en}} That November, Starlight Capital announced the Starlight Hybrid Global Real Assets Trust to give retail investors access to a real estate mutual fund.{{Cite web |title=Starlight Investments Capital creates 'unique' new fund |url=https://renx.ca/unique-structure-new-starlight-investments-capital-fund |access-date=2022-10-27 |website=renx.ca |language=en}}
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.{{Cite web |date=2021-01-18 |title=Langford sells stadium naming rights for $500,000 to Starlight Developments |url=https://www.vicnews.com/news/langford-sells-stadium-naming-rights-for-500000-to-starlight-developments/ |access-date=2022-09-14 |website=Victoria News |language=en-US}}
In April 2022, Starlight Capital acquired Stone Investment Group, making them the largest owner/operator of purpose-built rental housing in Canada.{{Cite web |title=Starlight Capital inks deal to acquire Stone Investment Group |url=https://www.wealthprofessional.ca/investments/alternative-investments/starlight-capital-inks-deal-to-acquire-stone-investment-group/365736 |access-date=2022-12-13 |website=www.wealthprofessional.ca |language=en}}
In June, Starlight Investments' Canadian Residential Growth Fund III raised CDN $1.2 billion, with 61% of the capital coming from foreign investors.{{Cite web |title=Starlight Canadian Residential Growth Fund III closes at $1.2B - Private Capital Journal |url=https://privatecapitaljournal.com/starlight-canadian-residential-growth-fund-iii-closes-at-1-2b/ |access-date=2022-10-27 |website=privatecapitaljournal.com}} 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.