Subject: NEW PRODUCTS/SERVICES
Greybrook Realty Partners Invests $4,825,000 in a Low-Rise Residential Development Project with Fieldgate Homes in Whitby, Ontario
TORONTO, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $4,825,000 to acquire and oversee the development of a prime parcel of land located in Whitby, Ontario. Together with its developer partner, Fieldgate Homes, the firm will develop the property into a residential community consisting of over 70 freehold townhomes.
Located approximately 50 kilometres east of Toronto, the Town of Whitby is connected to the Greater Toronto Area (GTA) and surrounding communities in Durham Region by several major highways and public transit options. This flourishing community has experienced a population increase significantly higher than the national average over the past fifteen years, encouraged by growth of their diverse economy and investments in educational, recreational, and cultural facilities.
The 3.5-acre infill development site is situated at the corner of Scadding Avenue and Gordon Street, adjacent to the Port Whitby Marina, amid expansive green space and well-served by nearby retail and community amenities. The site is minutes from the Whitby GO Train station, Highway 401 and 412, which will provide residents direct connectivity to downtown Toronto and beyond.
"At Greybrook, we continue to focus on strategic investments across the GTA. Given the evolving housing market and homebuyer preferences, well-situated communities with superior transportation and transit accessibility, like Whitby, offer a tremendous opportunity for our investors," states Peter Politis, CEO of Greybrook Realty Partners. "We are also delighted to make another investment alongside Fieldgate Homes, a leader in the industry with a strong track record of over 60 years of experience building homes across the GTA."
Greybrook has deployed over $320 million in equity in 2017, increasing its real estate investment portfolio to over 32 million square feet of residential and commercial density, with an estimated completion value of $14 billion.
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, SVP Corporate Strategy & Marketing
T: 416.322.9700 x551
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