Exciting Venture Between Graywood Developments and Hankyu Hanshin Properties
Graywood Developments together with Hankyu Hanshin Properties (HHP) are thrilled to share news of their newest joint venture. This collaboration brings forth a remarkable build-to-rent (BTR) project located at 241 Church Street in downtown Toronto. The project is a 53-storey development that will provide a total of 591 rental units designed for modern urban living.
Project Details and Location
The strategic positioning of 241 Church Street is designed to maximize urban convenience, situated near Toronto's vibrant financial district and on the doorstep of the Toronto Metropolitan University. Construction is currently in progress, having begun in 2024, with the anticipated completion set for the first quarter of 2028. Each apartment will offer varied living options, with studio, one-, two-, and three-bedroom layouts available, tailored for diverse residential needs.
Innovative Amenities for Modern Living
To enhance the quality of tenants' lives, the project will include luxurious facilities. These include co-working lounges ideal for professionals, fitness and wellness studios, outdoor terraces for relaxation, multi-purpose party rooms for gatherings, and dedicated dog parks to cater to pet owners. This combination of amenities promises to transform urban living into an enjoyable experience.
Statements from Key Stakeholders
Stephen Price, President & CEO of Graywood Developments, expressed enthusiasm about the partnership, stating, "Our collaboration with Hankyu Hanshin Properties continues to evolve positively. The project emphasizes our commitment to affordable, high-quality rental housing in major urban centers like Toronto. Given the city’s robust rental market, there are immense opportunities for growth in this sector.”
Commitment to Growth and Innovation
Masahiko Toda, Director of Overseas Business Headquarters at Hankyu Hanshin Properties, added, "Following our successful initial investment with Graywood, embarking on this second venture represents our long-term commitment to the Canadian market and Toronto's thriving rental sector. Working with Graywood, known for their expertise and local acumen, has solidified our confidence in this project."
Market Insights
Johann Rodrigues, Senior Vice President at Colliers Canada, commented on the venture: "The partnership between Graywood and Hankyu Hanshin Properties reflects the increasing interest of Japanese institutional investors in Canadian real estate, particularly in Toronto’s long-term rental housing projections. I look forward to seeing this development stand out on the downtown skyline as a testament to innovative urban housing."
Graywood Developments: A Legacy of Quality
Graywood Developments is recognized as a premier investment management firm specializing in developing build-to-rent and build-to-sell properties, as well as commercial spaces. With over 40 years of industry expertise, they have successfully managed more than 56 projects valued at approximately $9.7 billion throughout North America, including 12 ongoing developments. This encompasses a total of 5,900 residential units, with 3,000 that are strictly rental properties.
About Hankyu Hanshin Properties
As the real estate development arm of the Hankyu Hanshin Holdings Group, Hankyu Hanshin Properties has over a century's worth of experience across several sectors including transportation, retail, and urban development. With a global footprint reaching Asia, Australia, and North America, they have developed over 72,600 residential units since initiating their international division in 2015, further positioning them as a key player in the evolving real estate landscape.
Frequently Asked Questions
What is the project at 241 Church Street?
It is a new build-to-rent community featuring 591 rental units in a 53-storey development.
When did construction for 241 Church Street begin?
Construction commenced in 2024 and is targeted for completion in Q1 2028.
What types of apartments will be available?
241 Church Street will offer studio, one-, two-, and three-bedroom apartments.
What amenities can residents expect?
Residents will enjoy co-working spaces, fitness studios, outdoor terraces, and a dedicated dog run among other amenities.
Who are the developers behind this project?
The project is a collaboration between Graywood Developments and Hankyu Hanshin Properties.
