Greybrook Realty Partners Invests $8,645,000 in a Low-Rise Residential Development Project with Marlin Spring in Vaughan, Ontario
Nov. 8, 2016
Greybrook Realty Partners Inc. is pleased to announce the successful deployment by its managed issuer of $8,645,000 in equity to acquire and subsequently manage the development of a parcel of land located in Vaughan, Ontario. The property is co-owned with Marlin Spring and is expected to be developed into a 99-unit residential townhome community.
A thriving municipality strategically located in the Greater Toronto Area (GTA), Vaughan is one of the fastest growing cities in Canada. The City offers residents a rich suburban lifestyle with convenient urban amenities and easy access to Toronto and other municipalities across the GTA via major highways and the GO Transit system. The Toronto-York Spadina Subway Extension, scheduled to open in 2017, will further enhance the City’s transit options.
The development site is located in the established community of Woodbridge near many existing amenities, including Vaughan’s new downtown core, the Vaughan Metropolitan Centre, and the future Mackenzie Vaughan Hospital.
According to the Toronto Real Estate Board, the price of housing in Vaughan has grown at a rapid pace, up 59% from October 2012 to October 2016, and the demand for housing is expected to continue to grow due in part to the City’s well-planned communities, high quality infrastructure, and business friendly environment.
“With detached home prices averaging over $1 million in Vaughan, townhomes have become an increasingly attractive housing option for many homebuyers,” commented Alex Riajskikh, Director, Greybrook Realty Partners. “We are thrilled to be partnering with Marlin Spring on this development, and we are confident the Project will be well received by buyers considering Vaughan as a place to live,” said Mr. Riajskikh.
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes over 800 acres of land in Southern Ontario. The development of these properties is projected to result in the completion of over 4,000 single-family homes in the Greater Golden Horseshoe region.
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.
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
T: 416.322.9700 x551