TORONTO, Dec. 21, 2016 (GLOBE NEWSWIRE) -- Greybrook Realty Partners Inc. is pleased to announce the successful deployment by its managed issuer of $23,605,000 in equity to acquire and subsequently manage the development of two parcels of land located in Mississauga, Ontario. The properties are co-owned with two experienced Greater Toronto Area (GTA) developers, Metropia and Sorbara Group.
The properties are in close proximity to one another and located in the established Erin Mills district of Mississauga. The first property is situated at 3355 The Collegeway and is expected to be developed into a mixed-use development comprised of 336 stacked townhomes and approximately 12,000 square feet of redeveloped retail and office space. The second property is located at 2277 South Millway and is expected to be developed into a low-rise residential development comprised of 144 stacked townhomes. The developments will provide future residents with convenient access to a diverse range of community amenities, 400-series highways, public transit, shopping and a variety of green spaces. The developments, which are located within established communities, will provide prospective purchasers with a source of newly-constructed homes.
“Our asset management team continues to evaluate high-quality investment opportunities that have a strong probability of yielding exceptional returns for our investors. Investing in infill developments within strong growth areas in the GTA, like Mississauga, will help fulfil the real demand for affordable ground-related housing in the market and provide our investors access to an exceptional development opportunity,” said Peter Politis, CEO of Greybrook Realty Partners.
Metropia and Sorbara Group have collectively developed over 20 low-rise and high-rise communities. “We are pleased to complete this inaugural transaction with two well respected developers with exemplary track records and deep management expertise. Selecting the right development partners is at the core of our investment strategy and Metropia and Sorbara Group are two excellent additions to our select network of high-quality partners,” commented Mr. Politis.
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes over 900 acres of land in Southern Ontario. The development of these properties is projected to result in the completion of over 5,000 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.