TORONTO, July 21, 2017 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $48,300,000 to acquire and oversee the development of a prime parcel of land located in Richmond Hill, Ontario. Together with its developer partner, Marlin Spring, the firm will develop the land into a residential community consisting of over 420 freehold townhomes.
Situated 20 kilometers north of Toronto between Markham and Vaughan, the Town of Richmond Hill is a thriving economic hotspot and home to one of Canada’s most highly educated workforces. Richmond Hill has emerged as an urban growth centre through the town’s Economic Development Strategy which has focused on the development of high value investments, high density employment centres and regional and provincial transit infrastructure.
The development site, located at 1521 19th Avenue, backs onto a natural heritage area in a rural neighbourhood, providing future residents with a scenic natural environment to call home. Richmond Hill also has convenient access to Highway 404 and the nearby Gormley GO Transit station. “Richmond Hill has seen the price of townhomes double over the past five years, exceeding the average price increase of townhomes in the Greater Toronto Area over the same time period, highlighting the strong demand for this product type in the region,” states Sasha Cucuz, CEO, Greybrook Securities Inc. “We are very pleased to have made several investments in York Region, and this development is a great addition to our portfolio—one that we are confident will be a great asset for our investors.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes several development properties that are projected to result in the completion of over 8,000 ground-related homes in the Greater Golden Horseshoe region.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in large scale development-based opportunities. Greybrook Realty Partners offers investors the unique ability to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners and its affiliates have invested in over 50 real estate projects in Greater Toronto Area, Greater Golden Horseshoe region, and South Florida markets. In aggregate, its real estate investment portfolio is expected to result in the development of over 17 million square feet of residential and commercial density with an estimated completion value of $8 billion.
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
