TORONTO, Dec. 12, 2016 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. is pleased to announce the successful deployment by its managed issuer of $8,900,000 in equity to acquire and subsequently manage the development of a parcel of land located in Shelburne, Ontario. The property is co-owned with Fieldgate Homes and is expected to be developed into a residential community consisting of 246 detached homes.
Located north of the Greater Toronto Area (GTA), the Town of Shelburne is Dufferin County’s fastest growing municipality. Shelburne offers residents small town charm, along with easy access to desirable amenities, and has quickly established itself as a desirable residential community for prospective homebuyers. The development site which is nestled next to 32 acres of natural green space, is located near the intersection of two major thoroughfares that will provide future residents convenient access to Shelburne and Dufferin County.
“Shelburne has experienced strong absorption rates in recent years and with the limited supply of new homes, similar developments have fully sold out within months of release,” stated Alex Riajskikh, Director, Private Capital Markets, for Greybrook Realty Partners. “The development offers residents more living space at an affordable price point relative to comparable housing options within the GTA and we expect residential demand in Shelburne to remain robust, as the Town’s accessibility, livability and proximity to larger urban centres like Orangeville and Brampton, will continue to attract residents.”
This transaction represents Greybrook Realty Partners’ inaugural partnership with Fieldgate Homes, an industry leading developer with nearly 60 years of experience that has delivered more than 20,000 homes across Southern Ontario. “This project marks the first development in what we expect will be a very strong and successful partnership with Fieldgate Homes. Fieldgate Home’s years of development experience, industry knowledge and management expertise are second to none and reflect the attributes we look for in our development partners.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes over 900 acres of land in Southern Ontario. The development of these properties is projected to result in the completion of over 5,000 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.