TORONTO, Oct. 27, 2017 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $14,385,000 to acquire and oversee the development of a prime parcel of land located in Thornhill, Ontario. Together with its developer partner, Treasure Hill, the firm will develop the property into a residential community consisting of over 100 freehold townhomes.
Located north of Toronto in the rapidly growing Regional Municipality of York is the suburban neighbourhood of Thornhill situated in the established City of Vaughan. Vaughan is the 17th-largest municipality in Canada and has outpaced both provincial and national growth rates, achieving a 6.2 percent increase in population between 2011 and 2016 according to Statistics Canada.
The 5.5-acre Thornhill development site is located on the south-east corner of Crimson Forest Drive and Marc Santi Boulevard and is a 15-minute drive from the future site of the Vaughan Metropolitan Centre (VMC), the largest and most significant project in the city’s history. The VMC is expected to consist of over 1.5 million square feet of commercial office space, 750,000 square feet of retail and 12,000 residential units. The VMC will redefine downtown Vaughan, and the VMC Mobility Hub is expected to provide VIVA, TTC, and GO Transit connections for more than 20,000 commuters daily.
“Due to the region’s strong fundamentals and focus on economic development, we continue to evaluate opportunities in York Region and the thriving City of Vaughan,” states Sasha Cucuz, CEO of Greybrook Securities Inc. “As more and more homebuyers look for suitable housing options across the Greater Toronto Area, the City of Vaughan continues to be an attractive choice for families. We’re very excited to invest alongside Treasure Hill in a project that aims to deliver new homes to Vaughan’s rapidly growing population.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners Inc. includes several development properties that are projected to result in the completion of over 9,000 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 opportunity 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