Starlight makes second Leeds BTR buy
Canadian real estate firm Starlight Investments has acquired Flax Place, a 300-home build-to-rent development from local developer Torsion Group.
The deal takes Starlight’s UK BTR portfolio to 3,600 homes.
On the eastern edge of Leeds city centre, the development is currently under construction and will include 63 underground parking spaces, a gym, cinema and two rooftop terraces. The project is inked in for completion in the fourth quarter of 2026.
Torsion describes Flax Place as a flagship project, which was its fourth Leeds scheme to secure funding ahead of starting on site.
Dan Spencer, founder and chief executive of Torsion Group said: “The sale of Flax Place to Starlight demonstrates Torsion’s approach to investing in key regional cities, ensuring alignment and shared commitment to creating high-quality, sustainable accommodation.
“Starlight’s investment reflects its confidence in our Develop, Construct, Operate model and the thriving BTR market in Leeds. We’re looking forward to delivering a first-class scheme with Starlight and for the Leeds market.”
Designed by Day Architectural, the development comprises blocks of 11 and 15 storeys.
A Maslow Capital development loan is supporting the development, while the Flax project is supported by partners including Dalbergia Group for fund monitoring and cost management, CSD for MEP services, Roscoe for structural engineering, Abacus as employer’s agent and Allsop for operational services.
This is Starlight’s second BTR acquisition in Leeds this year, following the purchase in May of 84 Kirkstall Road, a 111-suite development.
Day Architectural designed the project. Credit: via Dragonfly PR
“We are pleased to further strengthen Starlight’s presence in Leeds, one of the UK’s fastest-growing cities,” said Jonnie Milich, head of UK residential, Starlight Investments:
“The acquisition of this exceptional build-to-rent community underscores our commitment to investing in the creation of high-quality rental housing in the UK. In 2024 we added over 2,400 suites to our UK portfolio, and we look forward to furthering our expansion in the coming year.”
Starlight Investments is headquartered in Toronto, and is a privately held owner, developer and asset manager of more than 71,000 multi-residential suites and 7m sq ft of commercial property space.
Torsion is among the region’s busiest developers and construction firms, advancing projects across the BTR, student living and care sectors.
In early 2024 the business announced a joint venture with Zenzic Capital, representing the latter’s entry into the UK PBSA market, while in September Atelier agreed to provide £30.8m to support one of the projects being delivered by that JV.
Torsion is also partnering with the Lloyds-backed Housing Growth Partnership to deliver the £53m Hollis Croft BTR project in Sheffield.
