Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $20,250,000 to acquire and oversee the development of a prime parcel of land located at 5481 & 5551 Bethesda Sideroad in the Town of Whitchurch-Stouffville, Ontario. Together with its developer partner, Treasure Hill Homes, the firm intends to develop the land into a 210-unit residential community consisting of 80 townhomes and 130 single-detached homes.
Located in close proximity to the City of Markham and approximately 30 kilometres north of the City of Toronto, the township of Whitchurch-Stouffville is an urbanizing community that has experienced exceptional population growth that is forecast to persist in the years ahead. Attracting an upper middle class and diverse population, Whitchurch-Stouffville is recognized for its quaint and secure atmosphere, offering residents and visitors a unique agrarian environment accompanied with scenic ravines, lakes, and forested highlands, easily accessible by a network of designated walking and biking trails. Situated amongst main transit nodes, the development site provides easy access to Highway 404 and is a short drive to the New Elm GO / Lincolnville and Stouffville GO Train stations. The site is near notable area amenities including, the Spring Lakes Golf Club and the Timber Creek Golf & Family Fun Centre, with access to shopping malls and an abundance of adjacent facilities and services in neighbouring Markham and Richmond Hill.
“The need for more housing in the province of Ontario has never been greater. With the federal government recently increasing Canada’s annual immigration targets well beyond historical levels for 2022 through 2024, and the province of Ontario’s persistent housing supply challenges, many more homes will need to be built to keep up with the demand,” said Sasha Cucuz, Chief Executive Officer at Greybrook Securities Inc. “This development site is a great opportunity to partner alongside one of our most active and well-respected developer partners, Treasure Hill Homes to deliver needed homes in one of the most attractive suburbs in the GTA. This will be Greybrook’s tenth residential development with Treasure Hill Homes, who has built and has in development over 10,000 homes across the GTA, and Greybrook’s 18th project in York Region.”
Forward-Looking Information
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
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