Greybrook Securities Inc. and Greybrook Realty Partners Inc. are pleased to announce the successful deployment of $12,350,000 in equity capital to acquire a 199-acre parcel of land located in Colgan, Ont., and develop 315 single-family detached homes in partnership with Tribute Communities.
Colgan is a growing region north of the Greater Toronto Area adjacent to the rapidly expanding community of Tottenham, and is within South Simcoe County, one of the fastest growing regions in Ontario according to the MLS Home Price Index.
Over the past three years, five new residential communities have been launched in the immediate vicinity, including Deer Springs by Honeyfield Communities and Evergreen Estates of Loretto by Firstview Homes, which are both sold out. In addition, neighbouring communities, the Town of Bradford West Gwillimbury and New Tecumseth, reported a 30% year-over-year increase in home prices and a 100% absorption rate year-to-date in 2015, according to CMHC.
Growth in the region will also be spurred by Honda Motor Company’s recent announcement of its plans to invest $857 million in three plants that employ a total of 4,000 in Alliston, Ont., just 15 minutes north of Colgan.
“It’s not every day that you come across an opportunity to invest in an area with strong demand characteristics like the ones we are seeing in Colgan, and to partner with a top-tier developer. These are two of the most important factors we consider when making an investment,” said Sasha Cucuz, CEO of Greybrook Securities.
This development represents Greybrook’s fourth partnership with Tribute Communities. “Tribute Communities has established a fantastic reputation for their execution and the quality of their developments. Having built over 30,000 homes in southern Ontario, we are confident in our partner’s ability to deliver an exceptional product,” commented Cucuz.