TORONTO, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $8,410,000 to acquire and oversee the development of a prime parcel of land located in Bowmanville, Ontario. Together with its developer partners, Cityzen Development Group and Tercot Communities, the firm intends to develop the land into a residential community consisting of over 140 homes, including single-detached homes, freehold townhomes and urban condominium townhomes.
Bowmanville, located an hour east of Toronto, is the largest community in the Municipality of Clarington. Clarington, which is one of the fastest growing municipalities in Durham Region, has recently experienced an influx of new residents and businesses including Toyota Canada Inc.’s new Eastern Canada Parts Distribution Centre, which is scheduled to open in 2019. The municipality is expected to continue its growth trend with approximately $14 billion worth of infrastructure investments underway, according to the Clarington Board of Trade and Office of Economic Development.
The 16-acre development site, located east of Lambs Road on Concession Street East, affords convenient access to major highways, including the recently completed Highway 407 extension. In addition, the property is located within a 10-minute drive from the site of the future Bowmanville GO Station, which is scheduled to be complete by 2024. Expansion of the GO Transit Lakeshore East Corridor is expected to enhance transit connectivity for future residents and increase economic investment in the region.
“We have expanded our portfolio of investments in Durham Region with the acquisition of this property, which demonstrates the type of attractive residential development opportunities that the town of Bowmanville continues to offer. Bowmanville is an established community that is well-positioned to emerge as a major urban growth area,” states Alex Riajskikh, Executive Director, Private Capital Markets, of Greybrook Realty Partners. “We are thrilled to partner again with Cityzen and Tercot to deliver needed housing to this region, which has attracted significant public and private sector investment over the past several years.”
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 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 Development
T: 416.322.9700 x551
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Source:Greybrook Realty Partners Inc.