Greybrook Realty Partners Inc. is pleased to announce the successful deployment by its managed issuer of $3,415,000 in equity to acquire and subsequently manage the development of a parcel of land located in Whitchurch-Stouffville, Ontario. The property is co-owned with Cityzen Development Group and Tercot Communities and is expected to be developed into a 51-unit residential townhome community.
The Town of Whitchurch-Stouffville, located just north of Markham, is the third fastest growing community in Canada and has experienced a notable residential boom in recent years. Known for its small town community feel and picturesque natural setting, the Town’s quality of life has attracted an affluent population with one of the highest household incomes in the country. Strong residential demand has resulted in a considerable rise in property values, with the Municipal Property Assessment Corporation (MPAC) reporting in June 2016 an 11.5% annual increase since 2012.
“The Town of Whitchurch-Stouffville has experienced incredible growth as prospective buyers look to areas outside Toronto for housing options that meet both their financial and lifestyle requirements, while also providing convenient access to the core,” said Alex Riajskikh, Director, Private Capital Markets, for Greybrook Realty Partners. “With the Town existing mainly within the protected Oak Ridges Moraine, future growth is largely constrained within the boundaries of Stouffville proper. By owning an infill development in one of the highest growth markets in the region, this transaction represents a tremendous opportunity to further enhance our portfolio of attractive ground-related product across the Greater Toronto Area.”
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.