Greybrook Realty Partners Invests $28,215,000 in a Residential Land Development Project with Castlepoint Investment Group in Vaughan, Ontario
TORONTO, July 04, 2018 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $28,215,000 to acquire and oversee the development of a prime parcel of land located in Vaughan, Ontario. Together with its developer partner, Castlepoint Investment Group, the firm will develop the land with the view to securing the necessary planning approvals that permit the construction of over 100 single-detached homes and freehold townhomes.
Located north-west of Toronto in the City of Vaughan, the 25-acre development site, which is designated “low-rise residential” in the Vaughan Official Plan, is situated east of McGillivary Road and west of Highway 27, between Rutherford Road and Major Mackenzie Drive. The property’s development will add new housing stock that the rapidly growing City of Vaughan needs.
Vaughan, the fifth-largest city in the Greater Toronto Area, is home to approximately 12,000 businesses and a growing population, that as of 2016, was estimated to be over 306,000. Due to significant investments in public transit improvements providing Vaughan residents and business commuters with seamless mobility throughout the Greater Toronto Area, the city has become a regional transit hub. In addition to York Region Transit and regional GO Transit, the recently completed TTC Toronto-York Spadina Subway Extension provides subway service from the Vaughan Metropolitan Centre to downtown Toronto in approximately forty-five minutes.
“Vaughan is a dynamic, evolving city, which has experienced marked economic growth that is expected to continue as more businesses including KPMG, Miller Thomson, and GFL Environmental, expand into the city and as the population continues to grow,” states Sasha Cucuz, CEO of Greybrook Securities Inc. “We have more than a dozen investments in York Region and are thrilled to expand our development portfolio within the City of Vaughan with the addition of this project.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes several development properties that 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 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, Executive Director, Strategy & Corporate DevelopmentE: firstname.lastname@example.orgT: 416.322.9700 x551
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