TORONTO, Dec. 10, 2015 (GLOBE NEWSWIRE) -- Greybrook Securities Inc. and Greybrook Realty Partners Inc. are pleased to announce the successful deployment of $12,350,000 in equity capital to acquire a 199-acre parcel of land located in Colgan, Ont., and develop 315 single-family detached homes in partnership with Tribute Communities.
Colgan is a growing region north of the Greater Toronto Area adjacent to the rapidly expanding community of Tottenham, and is within South Simcoe County, one of the fastest growing regions in Ontario according to the MLS Home Price Index.
Over the past three years, five new residential communities have been launched in the immediate vicinity, including Deer Springs by Honeyfield Communities and Evergreen Estates of Loretto by Firstview Homes, which are both sold out. In addition, neighbouring communities, the Town of Bradford West Gwillimbury and New Tecumseth, reported a 30% year-over-year increase in home prices and a 100% absorption rate year-to-date in 2015, according to CMHC.
Growth in the region will also be spurred by Honda Motor Company's recent announcement of its plans to invest $857 million in three plants that will bring more than 4,000 jobs to Alliston, Ont., just 15 minutes north of Colgan.
"It's not every day that you come across an opportunity to invest in an area with strong demand characteristics like the ones we are seeing in Colgan, and to partner with a top-tier developer. These are two of the most important factors we consider when making an investment," said Sasha Cucuz, CEO of Greybrook Securities.
This development represents Greybrook's fourth partnership with Tribute Communities. "Tribute Communities has established a fantastic reputation for their execution and the quality of their developments. Having built over 30,000 homes in southern Ontario, we are confident in our partner's ability to deliver an exceptional product," commented Cucuz.
About Greybrook Realty Partners Inc. and Greybrook Securities 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. Greybrook Realty Partners and its affiliates have been involved in the creation, development, construction and management of over 50 real estate projects expected to result in the development of over 15,000 residential units. Greybrook Securities, a registered exempt market dealer (registered in Ontario and certain other provinces), related to Greybrook Realty Partners, offers qualified investors the opportunity to participate in securities offerings organized by Greybrook Realty Partners.
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.