TORONTO, March 29, 2017 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment of $24,170,000 by its managed issuer to acquire and oversee the development of a prime parcel of land located in the Township of King, Ontario. The 53-acre property is jointly owned with Treasure Hill and is expected to be developed into a residential community consisting of over 90 luxury single-detached homes.
Situated on the southern slope of the protected Oak Ridges Moraine, the community of King City is located immediately north of the City of Vaughan and Toronto. Recognized for its scenic setting, quality of life and convenient access to the 400-series highways and GO Transit, King City continues to attract affluent homebuyers that have helped precipitate the rapidly increasing housing prices in the area. The development is expected to bring to market an exclusive community of large upscale homes, with a notable portion of the development offering secluded lots that back onto protected greenspace.
“We believe the development’s premium product is well-positioned to meet the growing demands of an increasingly affluent buyer looking to purchase in the exclusive King City community,” stated Alex Riajskikh, Director, Private Capital Markets, Greybrook Realty Partners. “New developments in the area have experienced rapid absorption rates in recent years and with constrained supply in this submarket continuing to persist, we expect this trend to continue.”
“We are thrilled to be partnering with Treasure Hill on this development. With extensive experience building luxury homes in premier locations throughout the Greater Toronto Area, including King City, Treasure Hill’s expertise will help ensure an exceptional community is realized,” noted Mr. Riajskikh.
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 7,000 single-family 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: firstname.lastname@example.org T: 416.322.9700 x551