Greybrook Realty Partners Invests $18,600,000 in a Low-Rise Residential Development Project with Cityzen and Tercot in Oshawa, Ontario
TORONTO, Nov. 14, 2018 (GLOBE NEWSWIRE) — Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $18,600,000 to acquire and oversee the development of a prime parcel of land located in Oshawa, Ontario. Together with its developer partners, Cityzen Development Group and Tercot Communities, the firm will develop the land with the view to securing the necessary planning approvals that permit the construction of over 220 single-detached homes and freehold townhomes.
Located approximately 60 kilometres east of Toronto in the City of Oshawa, the 29-acre development site is situated north of Highway 407 on Thornton Road North. Economic development within the city and throughout the surrounding Region of Durham has transformed the area in several ways, including more efficient and expansive regional transit, as well as robust job growth in the healthcare, education, and retail sectors. Oshawa has become a destination for both employment and urban living, attracting new residents to the city’s diverse amenities, connectivity to the Greater Toronto Area and relatively affordable residential housing options. According to the Conference Board of Canada, Oshawa boasted the highest GDP growth rate in Ontario in 2017, with a 4.1 percent increase, capping off a fifteen-year record rate of growth.
“We continue to see great opportunity for development in the Region of Durham and have worked for many years with our developer partners Cityzen Development Group and Tercot Communities to deliver the needed housing options throughout the Greater Golden Horseshoe area,” states Peter Politis, CEO of Greybrook Realty Partners. “Located minutes from several other Greybrook developments, this investment will provide prime serviced lots for residential development within an established, economically booming region.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners are projected to collectively result in the completion of over 10,000 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 value-add assets and 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.
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