TORONTO, April 19, 2016 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. is pleased to announce the successful deployment by its managed issuer of $17,390,000 in equity to acquire and subsequently manage the development of a parcel of land located in Oakville, Ontario. The property is co-owned with Cityzen Development Group and Tercot Communities.
The Town of Oakville is a picturesque community known for its established neighbourhoods and the attractive range of community amenities that it offers. Oakville is generally recognized as one of the most prestigious residential communities in Ontario and the Town’s quality of life and diverse employment base have attracted affluent residents. As a result, Oakville possesses one of the highest median household incomes in Canada. Easily accessible by major highways and by GO train, Oakville’s proximity to Toronto has generated strong demand for residential housing. Additionally, a significant number of corporate head offices are located in Oakville, including Tim Hortons, Siemens Canada Ltd. and Ford Motor Company of Canada.
The development site is located within the planned Glenorchy neighbourhood of the New Communities of Oakville, wherein the North Oakville East and West Secondary Plans have set the ground work. The New Communities of Oakville are expected to house 50,000 people, create nearly 35,000 jobs, and include residential, commercial, employment, institutional and natural open spaces. Situated in Oakville’s north end, this area is one of the last remaining areas designated for residential development within the Town. The co-owners intend to participate in Halton Region’s 2018 allocation program in order to secure their future entitlement to the required servicing and infrastructure for the project site.
"This acquisition furthers our 2016 investment strategy to target high-quality residential properties in the low-rise market. As demand for available developable residential land across the GTA continues to grow, the low-rise market in established areas like Oakville is expected to remain robust," said Alex Riajskikh, Director, Private Capital Markets of Greybrook Realty Partners.
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes over 700 acres of land in Southern Ontario. The development of these properties is projected to result in the completion of nearly 4,000 single-family homes in the Greater Golden Horseshoe region.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners offers investors the unique ability to partner with top-tier North American real estate developers and share in their value creation activities. In addition, Greybrook Realty Partners provides asset management and advisory services to investors and landowners, respectively. Greybrook Realty Partners and its affiliates have been involved in the creation, development, construction and management of over 50 real estate projects which are expected to result in the development of over 15,000 residential and commercial units.
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
For further information: Greybrook Realty Partners Inc. Sarah Mansour, SVP Corporate Strategy & Marketing E: sarah.mansour@greybrook.com T: 416.322.9700 x551
