TORONTO, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $24,945,000 to acquire and oversee the development of a prime parcel of land located in Courtice, Ontario. Together with its developer partner, Tribute Communities, the firm will develop the land into a residential community consisting of over 380 single-detached homes and freehold townhomes.
The community of Courtice, located within the municipality of Clarington, offers its residents an appealing blend of city living and rural charm. Approximately 75 kilometres east of Toronto, in the Durham Region, Courtice is an idyllic growing community that provides convenient access to lifestyle amenities in neighbouring Oshawa. Situated near the Darlington Provincial Park and McLaughlin Bay Wildlife Reserve, the 79-acre development site, which is located at 1246 Prestonvale Road, is close to ample greenspace, while providing quick access to Highway 401. The site is situated near two parcels of land that Tribute Communities and Greybrook Realty Partners jointly acquired in 2017.
“We are pleased to continue to expand our development footprint in Durham with another high-quality investment alongside Tribute in the community of Courtice,” states Sasha Cucuz, CEO of Greybrook Securities Inc. “Winner of Durham Region Home Builders Association - 2017 Builder of the Year, Tribute’s proven record and extensive experience in the region will be invaluable. We look forwarding to collaborating, once again, with this industry leader to deliver not only an exceptional product but also to help shape the broader community through our joint investments in the area.”
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 32 million square feet of residential and commercial density, with an estimated completion value of $14 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