Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $7,300,000. The equity will be used to acquire serviced lots located in Clarington, 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 151 single-detached homes.
Located in Durham region, 75 kilometres east of Toronto, Bowmanville is the fastest growing residential community in the municipality of Clarington. Durham region continues to demonstrate it is one of the strongest markets in the Greater Toronto Area (GTA) as reflected in the significant appreciation of land values in recent years. The Municipal Property Assessment Corporation (MCAP) reported in December 2016, values across all major lot types in Durham region increased between 138 – 189% since June 2012.
Adjacent to recently built low-density residential neighbourhoods, the development site has easy access to Highway 401 and the future extension of Highway 407. The property offers a rare opportunity to acquire serviced lots in the GTA. “With the limited availability of serviced lands for ground-related housing, the acquisition of these construction-ready lots is expected to permit shortened timelines and in turn help address the GTA’s ever increasing housing challenges by delivering more product to market,” stated Jared Berlin, Director, Asset Management of Greybrook Realty Partners. “We are continuously seeking attractive opportunities to invest in areas with strong growth potential, and we are delighted with the addition of this asset to our investment portfolio.”
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.