TORONTO, Jan. 19, 2017 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful close of an equity investment by its managed issuer of $40,165,000 CAD to acquire and oversee the development of a prime parcel of land located in Fort Lauderdale, Florida. The Property is jointly owned with US developer Property Markets Group (PMG) and is expected to be developed into two multi-residential rental towers consisting of approximately 1,100 luxury units and 37,500 square feet of retail.
Centrally located between Miami and Palm Beach, Fort Lauderdale is one of the largest cities in Florida. The city offers world-class education, easy access to domestic and international markets, a business-friendly government and attractive quality of life. With a number of large corporations relocating to the area in recent years, Fort Lauderdale has quietly transformed beyond tourism and established itself as a major employment destination and growing urban centre.
Situated on the Las Olas Riverfront in the heart of downtown Fort Lauderdale, the development site is ideally positioned between the city’s art, entertainment and central business districts. The site’s premium location will offer future residents convenient access to first-class entertainment and cultural amenities, millions of square feet of office and retail space, and an increasing number of transportation options as major infrastructure projects such as All Aboard Florida and The Wave Streetcar reach completion. In addition to accessibility, the project’s amenity-rich offerings, cutting edge technology and attractive unit mix will appeal directly to the tailored lifestyle preferences and requirements of the area’s growing young professionals.
“This transaction presents a rare investment opportunity to own an in-demand, core asset in a growing market like Fort Lauderdale. With robust job creation, and decreasing demand for home ownership, the result has been an increase in rental demand, making Fort Lauderdale an attractive location for investment in multifamily developments,” stated Peter Politis, CEO of Greybrook Realty Partners.
“This project not only increases our investment holdings in the South Florida region, but also increases our exposure in the multifamily rental asset class, which is in line with our current investment strategy. With PMG’s expertise and track record of success, we are confident this project will not only fulfil a real demand in the rental segment, but will redefine rental living in the area. From unit size and layouts that are more favorable to the needs of renters to carefully curated amenities and services, this thoughtfully designed project is set to become Fort Lauderdale’s most coveted residence for millennials,” commented Mr. Politis. This development represents Greybrook Realty Partners’ second partnership with PMG.
About Greybrook Realty Partners 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. In addition, Greybrook Realty Partners provides asset management and advisory services to investors and landowners, respectively. Greybrook Realty Partners and its affiliates have been involved in the creation, development, construction and management of over 50 real estate projects which are expected to result in the development of over 15,000 residential and commercial units with an expected completion value of over $8 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: firstname.lastname@example.org T: 416.322.9700 x551
Source:Greybrook Securities Inc.