Greybrook Realty Partners Invests $41,765,000 to Develop a Luxury High-Rise Condominium with Tribute Communities in Toronto, Ontario
TORONTO, Jan. 20, 2021 (GLOBE NEWSWIRE) — Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $41,765,000 to acquire five properties located at 148, 152, 156 Avenue Road, 224 and 234 Davenport Avenue, in the City of Toronto and oversee the development of the assembled parcel of land. Together with its developer partner, Tribute Communities, the firm intends to develop the property into a luxury high-rise condominium residence consisting of over 380 units and more than 6,000 square feet of commercial space at grade.
Located at the northwest corner of Avenue Road and Davenport Road, the development site offers excellent connectivity with four different TTC Subway stations in close proximity, nearby shops, restaurants, cafes and amenities in Yorkville’s upscale neighbourhood and along Bloor Street and Yonge Street. The site is also a short-walk from the University of Toronto’s St. George campus, the Royal Ontario Museum the Telus Centre for Performance and Learning and a number of galleries. The site is also close to several parks, including Ramsden Park, Dupont Parkette, and Robertson Davies Park.The property is one of several sites in the Bloor-Yorkville area in which Greybrook is actively developing, including the “Vertical Forest”, a unique residential development at Davenport Road and Bedford Road, intended to support over 350 tall trees on the exterior balconies of the building, and an ultra-luxury 29-storey mixed-use condominium building that will transform the corner of Yorkville Avenue and Avenue Road. “We are very excited to further participate in the growth and development of Yorkville and the surrounding area and we are thrilled to be partnering with our long-standing and well-respected developer partner, Tribute Communities, on this project,” noted Peter Politis, CEO, Greybrook Realty Partners. “Residential development sites such as this site have become much harder to find in the City of Toronto, particularly in the best neighbourhoods in the City. With the federal government’s planned increase in immigration over the next three years, Toronto will need new housing to support the growing population and transit-oriented developments such as this site will be in high demand.”About Greybrook Realty Partners Inc.Greybrook Realty Partners is a leading Toronto-based real estate private equity firm focused on investments in residential development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners, through its affiliates, has invested over $1.2 billion of equity in more than 80 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 39 million square feet of residential and commercial density, with an estimated completion value of $17 billion. For more information, visit www.greybrook.com.Forward-Looking InformationThis 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, Executive Director, Strategy & Corporate Development
T: 416.322.9700 x551