Tag: supply

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Rental housing investor Starlight hit by rising real estate supply in U.S., compounding pain from higher rates

Rental housing investor Starlight hit by rising real estate supply in U.S., compounding pain from higher rates

One of Canada’s largest owners of apartment buildings and multifamily properties is struggling to turn around two funds that bet on U.S. rental housing, with higher rates and an oversupply of new units eating into profits.

Starlight Investments, run by Canadian real estate magnate Daniel Drimmer, launched two funds that invested in U.S. rental properties during the COVID-19 pandemic with hopes that rising rents and low interest rates would keep sending property values soaring.

By November, 2022, however, the two publicly traded funds, known as the Starlight U.S. Residential Fund and the Starlight U.S. Multi-Family (No. 2) Core Plus Fund, faced some significant headwinds, and both halted their distributions because higher interest rates had sent their mortgage costs soaring.

The pain has only worsened since, and this week both funds reported negative funds from operations in 2023, which is a measure of profit for real estate investment funds. Not only

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GSA finalizes single-use plastic packaging rule for Federal Supply Schedule

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Paulson: Saskatoon industrial real estate in hot demand, short supply

Paulson: Saskatoon industrial real estate in hot demand, short supply

Lack of supply is forcing companies to buy old buildings, which they either rehabilitate or tear down preparatory to rebuilding.

Published Jun 14, 2023  •  Last updated 2 days ago  •  4 minute read

The now-vacant site of a one-time Imperial 400 motel on Idylwyld Drive in Saskatoon is considered a valuable piece of real estate, possibly for a future light industrial use. It hasn’t sold in the past, simply because of the old building sitting on the property. Photo by Matt Smith /Saskatoon StarPhoenix

For the news consumer, industrial real estate may not be the sexiest topic.

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