Starlight Investments

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Starlight Investments is a Canadian real estate asset management company based in Toronto, Ontario.

Starlight Investments logo

History[]

Starlight is a real estate investment companies founded by Daniel Drimmer. When Drimmer's previous company TransGlobe dissolved, Starlight acquired its properties.[1][2][3] In February 2020, Drimmer's company Starlight bought Northview. An investment analyst[who?] noted how "conflicts of interest are raised"[4] when Drimmer does these deals.

Drimmer's companies have included: TransGlobe Investment Management Ltd., TransGlobe Property Management Services Ltd., TransGlobe Apartment REIT, True North Apartment REIT, True North Commercial REIT, Northview Apartment REIT, Starlight U.S. Multi-Family, Starlight Capital.

Since its inception in 1994, TransGlobe grew quickly; so too did the list of complaints. Here are some dates of major acquisitions and corporate changes, as well as some of the tenant complaints that came to public attention in the media.[5]

As of 2021, Starlight owns 70,000 multi-family units (60,000 in Canada and 10,000 in the United States), 8 million square feet of commercial space, and over 600 properties across Canada.[6]

1994 TransGlobe Property Management begins operating, focused chiefly on a portfolio of properties in southern Ontario.
May 2005 TransGlobe expands into Atlantic Canada with the purchase of 21 apartment buildings in north Dartmouth.
July 2005 TransGlobe expands into BC with the purchase of 18 buildings in Vancouver.
December 2006 According to press reports, the Halifax Coalition Against Poverty and an area MLA demand that TransGlobe make repairs to buildings in Dartmouth. The problems include mould, water damage and infestation. TransGlobe agrees to fix the problems.
February 2007 TransGlobe buys the Heron Gate complex in Ottawa, Ontario.
March 2007 TransGlobe's purchase of nine properties in Lethbridge, Alta., make it the city's largest landlord. The company also purchases 20 more buildings in Victoria, bringing their stable of suites to 22,000, according to press reports.
May 2007 A tenant in a building in Medicine Hat, Alta., tells local reporters that leaks from a damaged roof caused water to seep through walls. After complaining to the company for a month, he goes to the community health unit. TransGlobe makes the repairs.
August 2007 TransGlobe tenants in Halifax complain to reporters about multiple infestations of bedbugs.
November 2007 TransGlobe tenants in Victoria, BC, complain to reporters about weeks living with inadequate heat. After several news reports, TransGlobe fixes the problem.
January 2008 TransGlobe expands into Quebec, acquiring 45 buildings in Longueil, St. Laurent and Montreal.
April 2008 Tenants in Burnaby, BC, complain to press that roof repairs are not being done properly; the ceiling subsequently collapses next to a sleeping tenant.
June 2008 ACORN leads a protest rally against conditions in TransGlobe buildings in New Westminster, BC. Some issues that are raised are leaking roofs, elevator breakdowns, lack of heat, falling bricks and a general lack of response to tenant calls.
September 2008 Tenants in New Brunswick complain to reporters about a flood of sewage in their apartments; they say that TransGlobe has not cleaned up the problem properly. TransGlobe says they are working on the problem.
April 2010 CBC reports that TransGlobe's Heron Gate complex has logged the largest number of complaints with the city bylaw office in 2009, with bylaw officers visiting the property about 150 times.
May 2010 TransGlobe REIT goes public with an initial public offering that raises $244 million. The REIT initially acquires 65 properties from TransGlobe with a total of 8,200 units. Daniel Drimmer retains stock and becomes chairman of the board. TransGlobe Property Management continues to oversee the management of properties in the portfolio. The CEO of the REIT is Kelly Hanczyk, who worked under Daniel Drimmer as CEO, COO and senior vice president of asset management of TransGlobe Investment Management.
November 2010 Tenants in Brockville, Ontario, complain to media about extensive leaks and mould growth, and inaction by TransGlobe Property Management and city officials.
November 2010 Tenants in Brockville, Ontario, complain to media about extensive leaks and mould growth, and inaction by TransGlobe Property Management and city officials.
January 2011 TransGlobe REIT acquires 48 buildings and one townhouse complex from TransGlobe Investment Management, containing approximately 3,100 residential suites for $277 million.
June 2011 Media reports that hundreds of tenants in Dartmouth, Nova Scotia, have been unable to use their balconies for more than eight months because they have been told that they are unsafe.
August 2011 ACORN in Ottawa holds a rally against conditions in units in TransGlobe Property Management's Heron Gate complex. Issued raised include general maintenance, problems with vermin and garbage and lack of response from management. The Mayor's office subsequently gets involved to help remedy conditions for tenants. In September, some of the buildings are acquired by the REIT; the rest remain owned by Drimmer.
September 2011 TransGlobe REIT acquires a further 94 buildings and three townhouse complexes totaling 7,500 rental suites for $740.4 million from TransGlobe Investment Management.

Daniel Drimmer retains 20 per cent ownership of the REIT. He also resigns from the board. TransGlobe Property Management ceases managing the REIT's portfolio. Drimmer starts a new company, Starlight, rebranding the signage of the remaining 65 properties from the original TransGlobe portfolio to reflect the new company. He begins to acquire new properties. Between September 2011, and January 2012, the company acquires the 65 buildings from the original TransGlobe portfolio and adds 10 additional residential properties in BC, Alberta and Ontario with 687 additional apartments, bringing the total to more than 6,000 units across Canada.

December 2011 Hanczyk tells Marketplace that the REIT is addressing issues at its buildings. According to Hanczyk, the REIT spent $6,615,000 on building improvements and $3,843,132 on in-suite improvements in 2010; from January 1, 2011 until October 31, 2011, those figures were $22,444,558 and $8,427,330 respectively.
November 2015 Starlight acquires a number of apartment buildings in James Bay, Victoria BC and commences renovations.
January 2016 Starlight attempts to 'renovict tenants in newly acquired buildings, local politicians rally to prevent evictions.[7]
December 2016 WorkSafeBC issues Stop Work on buildings in Victoria BC when contractors are found disturbing asbestos in common spaces.
January 2017 All tenants of a building in Victoria BC are evacuated when testing confirms high levels of asbestos dust.

Controversy[]

Starlight boasts of 25% gross return for investors, with the majority of its investment being in multi-family housing, yet the company has no mission statement relating to providing housing. Starlight and Transglobe have received extensive media coverage relating to slumlord and landlord harassment complaints from tenants across the country.

References[]

  1. ^ "TransGlobe REIT privatized in $1-billion deal". theglobeandmail.com. April 26, 2012. Retrieved March 12, 2021.
  2. ^ "Trouble for Rent". CBC Marketplace. January 20, 2012.{{cite news}}: CS1 maint: url-status (link)
  3. ^ "Daniel Drimmer Acquires Ownership Interest in Newly Formed Northview Apartment REIT". NewsWire. October 30, 2015.{{cite news}}: CS1 maint: url-status (link)
  4. ^ "True North Acquires Properties from Starlight". RiskingTIme. June 4, 2014.{{cite web}}: CS1 maint: url-status (link)
  5. ^ "Trouble for Rent - Transglobe Timeline". CBC Marketplace. January 20, 2012.{{cite news}}: CS1 maint: url-status (link)
  6. ^ http://www.starlightinvest.com/portfolio/[dead link]
  7. ^ "'Renoviction' fears spark special meeting after a handful of tenants receive eviction notices". CBC. Jan 22, 2016.{{cite news}}: CS1 maint: url-status (link)
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