Greybrook Realty Partners Inc. announced today the successful closing of an equity investment of $12,965,000 by its managed issuer. The equity will be used to acquire serviced lots located in Oshawa, Ontario, on standard builder’s terms. Together with its developer partner, Treasure Hill, the firm will develop the land into a residential community consisting of 243 single-detached homes and 73 townhomes.
The largest municipality in Durham Region, the City of Oshawa has experienced accelerating housing demand in recent years. Robust residential growth in the city has largely been attributed to priced-out homebuyers searching for relatively affordable housing beyond the boundaries of Toronto with easy accessibility to transportation corridors and GO transit. Continued growth is expected with the expansion of the 407 Highway currently underway and increased government commitment to transit funding.
“With affordability constraints and increasingly stretched inventory levels continuing to push demand east, well-situated communities in Durham, with existing and planned infrastructure, will continue to appeal to homebuyers looking for more affordable housing options, while still within a reasonable commuting distance from Toronto,” stated Peter Politis, CEO of Greybrook Realty Partners. “This transaction is not only a rare opportunity to acquire serviced lots in the GTA, but is also an opportunity to strategically further Greybrook’s exposure within this in-demand submarket.”
“An award-winning builder known for developing premium homes with superior designs, Treasure Hill is an excellent addition to our network of strong execution partners. Since 2004, Treasure Hill has delivered some of the best low-rise developments in well-located communities across the GTA,” commented Politis. “This inaugural transaction is the first of a number of committed co-investments with this premier builder. As we continue to actively explore new development opportunities together, we look forward to forging a lasting and successful partnership.”
The portfolio of low-rise development holdings managed by Greybrook Realty Partners includes several development properties that are projected to result in the completion of over 7,000 single-family homes in the Greater Golden Horseshoe region.