Starlight Western Canada Multi-Family (No. 2) Fund and Starlight Western Canada Multi-Family Limited Partnership have completed the consolidation of their assets into a single investment platform valued at approximately $639.4 million.

The two funds are controlled by Toronto-based Starlight Group, an integrated real estate investor, developer and manager that specializes in rental-apartment assets.

“Today marks an exciting milestone for investors in both of Starlight’s Western Canada Funds with a number of benefits stemming from this combination, which Starlight looks forward to continuing to manage,” Daniel Drimmer, CEO Starlight Group and the funds, said Wednesday.

The new vehicle encompasses 15 properties totalling 1,413 multi-family units across British Columbia. The merger aims to create a larger, more diversified asset pool with improved access to capital, the potential to reduce borrowing costs and greater opportunity for value creation through scale.

With the completion, investors in both entities now indirectly hold interests in all consolidated assets, with Fund 2 remaining in place as a reporting issuer and control a majority equity stake in the platform. Fund 1 remains a private limited partnership.

The merged structure is designed to provide upside potential through scale efficiencies, potential future capital raises and continued management by a Starlight affiliate.

Pictured: Starlight multi-family in Victoria, B.C. slated for expansion.

Rendering: Courtesy of Starlight Investments