In November, Starlight Investments and BGO (formerly known as BentallGreenOak) announced their joint acquisition of a newly-constructed apartment building in Pickering, Ontario — the latest in a series of joint ventures between the two firms.
The building is Fourteen75 and is located at 1475 Whites Road, a few steps away from the Whites Road Shopping Centre and midway between Kingston Road and Sheppard Avenue.
Neither partner disclosed financial details in their announcements, but the acquisition was the largest multi-family transaction in the GTA in Q4 2024, according to a report published this week by Altus Group, who said the purchase price was $127 million. None of the aforementioned parties identified the vendor, but construction completed in 2024 and the owner-developer was BOST Group.
"We are pleased to expand our multi-family portfolio to the rapidly growing City of Pickering," Heather Kane, Executive Vice President, Asset Management, Canadian Residential at Starlight, said in a press release on November 6. "This exceptional residence, with its modern design and attractive location, presents convenient, comfortable, high-quality homes that are suitable for both individuals and families."
Fourteen75 sits on a 2.47-acre site, rises 12 storeys, and is home to 227 rental units, so the purchase price translates to approximately $560 per unit. The building has a diverse range of suite sizes and layouts, the kitchens are equipped with stainless steel appliances, the parkade supports electric vehicles, and amenities include a fitness centre, outdoor BBQ area, and a pet-washing station.
According to the property website, one-bedroom units are available starting at $2,386, two-bedroom units are available starting at $2,926, and two-bedroom-plus-den units are available starting at $3,033. The property is being managed on-site by Sterling Karamar Property Management.
Starlight Investments and BGO
Fourteen75 at 1475 Whites Road in Pickering, Ontario. / Starlight & BGO
In their own press release on November 25, BGO — the Miami-based real estate subsidiary of Canada's Sun Life Financial (TSX: SLF) — noted that Fourteen75 was the fifth joint venture transaction between the two firms, who now have $600 million in assets under management together.
Starlight and BGO formed the partnership in 2021, with a focus on newly-constructed multi-family assets in growing Canadian markets.
"Our partnership with Starlight Investments offers an alignment of goals, a complementary approach to multi-family residential investment and asset management, and a laser-sharp focus on performance that we believe will bode very well for the future," said BGO Managing Director and Head of Canadian Investments Michael Fraidakis in a 2021 press release. "As we continue to grow our portfolio of high quality, newly constructed purpose built core residential rental property across Canada, both firms are keen to demonstrate their commitment to sustainability, health and wellness, and community relationships to deliver a choice living environment for residents."
"BentallGreenOak and Starlight share a common goal of delivering a best-in-class, sustainable experience for all tenants with modern amenities and technology," added Starlight President & CEO Daniel Drimmer.
Previous acquisitions the joint venture has made included properties in Victoria, Burlington, and Kitchener, with Colliers Capital Markets serving as the exclusive advisor to the partners on the joint venture. Under the joint venture, the properties are majority-owned by BGO and asset managed by Starlight, with third-parties serving as property managers.
