TORONTO, April 04, 2017 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $4,825,000 to acquire and oversee the development of a prime parcel of land located in Oshawa, Ontario. Together with its developer partner, Stafford Homes, the firm will develop the land into a residential community consisting of over 110 townhomes.
The 7.5-acre infill development site is situated in an established neighbourhood within the growing area of North Oshawa. A vibrant, business friendly city, located 60 kilometers east of Toronto, the economic landscape in Oshawa has evolved in recent years from manufacturing-based to a more diversified local economy with advances in manufacturing, knowledge and technology-based sectors. Home to three top ranking post-secondary institutions, a leading health care centre and access to an integrated transportation network, Oshawa has established itself as a major regional employment hub.
“Active and strategic economic development initiatives led by the City of Oshawa and Durham Region, together with major infrastructure investments and relative housing affordability, have helped fuel robust growth in the area, we are pleased to further our portfolio of investments in this thriving region,” stated Peter Politis, CEO of Greybrook Realty Partners. “As escalating home prices across the Greater Toronto Area have seen townhomes become a more dominant form of housing, we expect the development’s product offering will meet the anticipated residential demand expected in this growing submarket.”
This development is Greybrook’s fourth investment in Durham Region in 2017 and seventh partnership with execution partner, Stafford Homes.
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 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.