TORONTO,– Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $8,845,000 to acquire and oversee the development of a prime parcel of land located in Kitchener, Ontario. Together with its developer partners, Cityzen Development Group and Tercot Communities, the firm intends to develop the land into a low-rise residential community consisting of 250 homes, which include single-detached homes, freehold townhomes and condominium townhomes.
The 22-acre development site is located at 2219 Ottawa Street South, approximately 110 kilometres West of Toronto, in the City of Kitchener, the fourth largest population centre in Ontario. The Kitchener-Waterloo region is home to a number of acclaimed postsecondary institutions, a globally recognized technology sector that has spawned hundreds of startups, and has attracted major multinational firms, including Google. In the coming years, the region is expected to benefit from Metrolinx’s expanded GO Transit services to Kitchener as part of its GO Regional Express Rail program. The expanded service is expected to provide commuters with two-way all-day rapid transit service and multiple transit stops along the Kitchener GO Transit line.
“The Kitchener-Waterloo region, often referred to as Silicon Valley North, is a rapidly growing technology and innovation hub,” said Alex Riajskikh, Executive Director, Greybrook Realty Partners. “Investments are being made in technology and other sectors that will attract both talent and businesses, and ultimately, are expected to increase the demand for housing in the region. We are excited to be investing in this thriving region and look forward to working with our partners to develop this residential community.”
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 Southern Ontario.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in real estate development and value-add assets. The firm 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 70 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 35 million square feet of residential and commercial density, with an estimated completion value of $15 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.