Greybrook Realty Partners Inc. is pleased to announce the successful deployment by its managed issuer of $17,390,000 in equity to acquire and subsequently manage the development of a parcel of land located in Oakville, Ontario. The property is co-owned with Cityzen Development Group and Tercot Communities.
The Town of Oakville is a picturesque community known for its established neighbourhoods and the attractive range of community amenities that it offers. Oakville is generally recognized as one of the most prestigious residential communities in Ontario and the Town’s quality of life and diverse employment base have attracted affluent residents. As a result, Oakville possesses one of the highest median household incomes in Canada. Easily accessible by major highways and by GO train, Oakville’s proximity to Toronto has generated strong demand for residential housing. Additionally, a significant number of corporate head offices are located in Oakville, including Tim Hortons, Siemens Canada Ltd. and Ford Motor Company of Canada.
The development site is located within the planned Glenorchy neighbourhood of the New Communities of Oakville, wherein the North Oakville East and West Secondary Plans have set the ground work. The New Communities of Oakville are expected to house 50,000 people, create nearly 35,000 jobs, and include residential, commercial, employment, institutional and natural open spaces. Situated in Oakville’s north end, this area is one of the last remaining areas designated for residential development within the Town. The co-owners intend to participate in Halton Region’s 2018 allocation program in order to secure their future entitlement to the required servicing and infrastructure for the project site.
“This acquisition furthers our 2016 investment strategy to target high-quality residential properties in the low-rise market. As demand for available developable residential land across the GTA continues to grow, the low-rise market in established areas like Oakville is expected to remain robust,” said Alex Riajskikh, Director, Private Capital Markets of Greybrook Realty Partners.
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